Geothermal Energy adds continuous baseload power to the renewable energy mix
Geothermal Energy
Geothermal energy has an important role to play in the energy transition, providing continuous carbon-free baseload power, complementing existing energy sources and renewable sources such as wind and solar.
The Opportunity
Geothermal energy has an important role to play in the energy transition, providing continuous carbon-free baseload power to complement existing energy sources and renewable power from wind and solar.
The International Renewable Energy Association (IRENA) says that geothermal energy has grown by 30% in the last five years.
The Intergovernmental Panel on Climate Change estimates geothermal technical potential to be 200 Gigawatts, a big growth opportunity from today’s global capacity of just 15 Gigawatts.
A Global Goal
The Paris Agreement set out a goal in December 2015, a goal that the world is trying to meet: to limit the warming of the earth to well below 2C compared to pre-industrial levels.
This challenge will require every country to adapt, transitioning energy sources to those with lower carbon emissions.
By working with Governments and related agencies to commercialise geothermal potential, we aim to accelerate the energy transition towards a more sustainable future.
Our Solution
Geothermal power uses heat from deep in the ground, using wells to inject cold water and produce back hot water which can be used to generate power and for other industrial uses.
Electricity from geothermal energy has costs ranging from USD 4 cents to 14 cents per kilowatt-hour. IRENA states that costs are expected to fall further through to 2050.
Two key challenges for geothermal energy are surface exploration and drilling operations – areas that the traditional oil and gas industry understands well.
By using world-class technologies and deep expertise, we aim to support a geothermal revolution. Leaders from a coalition of energy organisations say that “by the mid-2030s it will be possible to run power systems which are 85% dependent on renewables”.
Like them, we believe this is possible and want to be part of that solution.
