Geothermal energy has been used in energy systems for more than a century, although its global impact has been limited. Latin America is exploring unconventional sources to diversify its energy matrix, with geothermal energy and offshore wind as strategic bets. Currently, the geothermal industry is at a pivotal juncture, taking into account the Pacific Ring of Fire and the region's geothermal potential – between 11 GW and 55 GW.
New technologies are opening up access to resources that were previously untapped of them, and cost reductions coupled with innovative financing models are facilitating the expansion of unconventional power generation into global energy systems. How to harness these resources for energy-intensive industries (mining, green hydrogen) and reduce dependence on fossil fuels? However, to scale up non-conventional power generation, several challenges need to be addressed, such as risks in project development, permitting and licensing processes, environmental concerns, and social acceptance.
