Latin America’s Investment Soars Up In Geothermal Energy Production

By Shubhendra Anand , 16 July, 2024

Geothermal energy is gaining momentum with the rising trend of the clean energy transition. Industries are adopting renewable sources of energy to reduce the rate of harmful emissions. In 2024, geothermal energy production has increased in the different regions of the world. Latin America tends to increase the rate of geothermal energy production throughout 2024.

Based on surveys, investments in geothermal energy production are expected to soar higher in Latin America by 2024. It is anticipated that Latin America will have a good hold over renewable sources of energy. Geothermal energy production surges in 2024 can be the main factor accelerating Latin America's investment for its production. Studies report that Latin America has an enormous hold on geothermal energy resources. Thus, it provides a better industrial platform for the green energy transition with the help of geothermal energy sources. Therefore, initiatives are to be taken by the authorities in Latin America for the productive usage of geothermal energy in 2024. According to the data from surveys, only 2 gigawatts of electrical (GWe) have been utilized from the bulk of 33 GWe of geothermal energy in Latin America. Therefore, experts suggest that it is necessary to invest in geothermal energy extraction to accelerate the process of clean energy transition.

Geothermal energy in Latin America is present in abundance, but its extraction is equally difficult. The process of energy extraction makes it costly for private investors to spend that much of a penny on it. However, clean energy transition accelerates the production of renewable energies. Therefore, geothermal energy is adopted by developed and developing nations where it is present abundantly.

 Investments On Geothermal Energy in Different Countries