Outlook 2024: Geothermal energy sector set for growth

Geothermal energy provides reliable baseload power and heat supply

Geothermal energy is experiencing a renewed resurgence of interest and investment as governments at a national and local level work to decarbonise their energy mix away from an overreliance on hydrocarbons. The geothermal industry last saw significant investment following the oil supply shocks of the 1970s but has until now largely remained confined to regions with particularly high geothermal gradients, marked by high volcanic activity such as countries around the Pacific. With the energy transition a key focus for policymakers, geothermal has returned as an attractive clean and renewable energy source. A key advantage of geothermal over other renewable solutions lies in its reliability, as