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Advancing Geothermal Development with New Standards

In a significant move for the geothermal industry, Project InnerSpace—a non-profit research organization devoted to expanding geothermal energy—has collaborated with the Society of Petroleum Engineers (SPE) to adapt and implement a new framework designed to manage geothermal resources effectively. This initiative introduces the Geothermal Resources Management System (GRMS), which aims to standardize how geothermal resources are classified, reported, and communicated. The GRMS framework, inspired by the well-established Petroleum Resources Management System (PRMS), seeks to bring about a transformative impact on geothermal project financing, mimicking the financial successes seen in the oil and gas sector.

The GRMS framework is a product of extensive collaboration, uniting experts from various fields, including reserves evaluators, oil and gas operators, and financial institutions. This diverse coalition worked together to ensure that the standard reflects a broad industry consensus and provides a clear and reliable method for assessing geothermal resources. Beyond improving communication between stakeholders, the GRMS is also designed to facilitate greater investment in geothermal projects by providing a familiar classification system for investors and insurers.

With the publication of GRMS anticipated in November 2026, this innovative framework is set to enhance the visibility and appeal of geothermal energy investments, potentially unlocking trillions of dollars in funding that have historically flowed into oil and gas exploration and development. Jamie Beard, Founder and Executive Director of Project InnerSpace, emphasized the significance of this new standard, stating, "For 40 years, PRMS has been the language that flowed trillions into oil and gas development. We are excited to have built a structure through the GRMS coalition that will do the same for geothermal today."

The clear articulation of standards is vital for fostering transparency and driving growth within the geothermal sector. Simon Seaton, the Chief Executive Officer of SPE, remarked on the importance of the GRMS framework, affirming that it solidifies both the technical integrity of the standard and the strong consensus behind it. He stated, "We believe GRMS will become an essential tool for bringing greater consistency and clarity to the assessment and reporting of geothermal resources around the world."

In the upcoming months following GRMS's release, Project InnerSpace and SPE plan to engage in Phase II of their collaboration, focusing on integrating this new system into the daily practices of geothermal financing. This phase includes training for reserves evaluators, lenders, insurers, regulators, and operators, guiding them on consistently applying the GRMS in their respective fields. Additionally, they will offer case studies across various geothermal technologies to educate practitioners on real-world applications of the standard.

The introduction of GRMS signifies a progressive step toward the widespread adoption of geothermal energy as a critical resource for addressing global energy challenges. With benefits that extend to environmental sustainability and energy independence, this framework could well serve as a catalyst for a new era of geothermal development.

As Project InnerSpace continues its commitment to advancing geothermal energy, it encourages all stakeholders to embrace this standard as a means to enhance not only the financial viability of geothermal projects but also to support the transition toward a greener energy future. By fostering collaboration and standardization in this emerging sector, there is hope that geothermal resources can contribute substantially to global energy needs by 2030 and beyond.

For further information about this initiative and to access GRMS upon publication, stakeholders are encouraged to visit Project InnerSpace’s official website.