With the global population forecast to grow to 10 billion by 2050, energy demand is expected to increase by 70% as billions move out of poverty. Shifting energy production to clean renewable sources becomes ever more critical if demand is to be met and the impact on the climate reduced. Geothermal Energy is a clean, renewable resource that uses the earth’s natural heat for a myriad of applications, including electricity generation, district heating and desalination. It comes from earth’s most powerful resource, the core. As hot as the surface of the sun, heat transfer from the core can shift entire tectonic plates and create devastating volcanic eruptions. So why aren’t we using its enormous energy to power the world?
The World Bank estimates that at least 40 of the world’s countries could be self-sufficient in power generation from geothermal sources alone. But due to prohibitively high drilling costs, geothermal energy has had limited opportunity to expand and meet its potential.
Currently, geothermal energy is utilised from volcanic areas, where the heat is close to the surface and easily accessible. In Iceland, 90% of all houses use geothermal energy for their heating and hot water requirements. It also provides over 25% of the country’s electricity. This is because drilling into this area is relatively easy, with soft ground and shallow depths. Other countries have not been able to recreate this because of much more challenging drilling conditions.
Patented innovative drill rig technology and protected operating systems are being used to drill wells faster and more cost-effectively than the competition, converting non-economically viable geothermal projects into attractive profitable projects, and unlocking the geothermal market as a sustainable renewable alternative.
Geothermal energy has the capacity to solve some of the world’s biggest problems; it can power desalination plants for a renewable fresh water supply, heat entire communities, and provide electricity.
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