"With global electricity demand set to grow strongly, new technologies {like enhanced geothermal systems and closed-loop geothermal systems} are opening up the massive potential of geothermal energy to provide around-the-clock clean power in almost all countries around the world, according to a new IEA report. The report, The Future of Geothermal Energy, finds that geothermal energy could meet 15% of global electricity demand growth between now and 2050 if project costs continue to decline. This would mean . . . delivering annual output equivalent to the current electricity demand of the United States and India combined. . . . Importantly, geothermal energy can draw upon the expertise of today’s oil and gas industries by using existing drilling techniques and equipment to go deeper under the earth’s surface . . . . Conventional geothermal remains a location-specific, niche technology today with most of the installed capacity in countries that have either volcanic activity or straddle tectonic fault lines . . . . But new technologies are . . . opening up the potential to benefit from it in nearly all countries. . . . [T]he report finds that costs could fall by 80% by 2035 to around $50 per megawatt hour (MWh). This would make geothermal the cheapest source of dispatchable low-emissions electricity on a par with existing hydropower and nuclear installations. . . . If next-generation geothermal grows strongly in the coming years, employment in the overall geothermal sector could increase sixfold to 1 million jobs by 2030 . . . . Up to 80% of the investment required in geothermal involves capacity and skills that are transferrable from existing oil and gas operations. The oil and gas industry can also benefit {because next-generation geothermal can} serve as a hedge against commercial risks related to projected future declines in oil and gas demand. At a time when the digital economy and artificial intelligence applications are growing strongly {and with} next-generation geothermal offering a stable and essentially inexhaustible power source, large technology companies are already signing power purchase agreements with new projects."