Geothermal and biomass energy consumption in Canada saw fluctuations over the last decade, with a notable decrease in the last two years. The consumption stood at 0.096 Exajoules in 2023, reflecting a 2.04% reduction from the previous year. More substantial declines were recorded in 2022 and 2020, with a year-on-year variance of -13.27% and -6.78%, respectively. The Compound Annual Growth Rate (CAGR) over the past five years indicated an average annual decrease of approximately -4.52%. Forecasts suggest a continuing decline, with a projected 1.31% annual decrease over the next five years, amounting to an overall reduction of 6.38% by 2028.
Future trends to watch for include advancements in renewable energy technologies, potential policy shifts favoring clean energy, and economic factors influencing energy consumption patterns. Enhanced efforts in promoting sustainable and renewable energy sources could alter these projections significantly.