Geothermal Energy Gains Support in Europe

Geothermal energy is being recognized for its potential to significantly contribute to global electricity demands, with the International Energy Agency (IEA) reporting that it could meet 15% of this demand by 2050 if costs decline. The report highlights the need for technological advancements to unlock geothermal's vast capabilities, as it currently supplies only 1% of global electricity. Meanwhile, the incoming Trump administration is seen as a potential ally for geothermal supporters, with key figures in energy positions advocating for increased investment and support for geothermal initiatives. In Europe, there is a strong push for a dedicated Geothermal Action Plan to decarbonize buildings and industries, with Hungary aiming to double its geothermal energy share from 6% within a decade. Despite its advantages, the geothermal sector faces challenges, including high drilling costs and regulatory hurdles. Overall, the global emphasis on geothermal energy indicates a shift towards more sustainable energy solutions amidst rising energy demands and climate concerns.