Lightweight geopolymer is a promising thermal insulation material that conserves energy used for heating and cooling buildings. This study investigates foaming agents that influence the porous structure and properties of geopolymer foams based on ash–slag waste from thermal power plant using a 12 M sodium hydroxide solution, waterglass, and foaming agents (30 % hydrogen peroxide solution, aluminum, silicon, and zinc powders). The study demonstrates the feasibility of foaming geopolymers by water evaporation without foaming additives, where the best density of 949 kg/m3 and compressive strength of 4.2 MPa were achieved in samples foamed by microwave radiation, but such properties cannot attribute geopolymers as lightweight. Foaming with H2O2 is hard to synchronize with geopolymerization reactions. Aluminum and silicon powders lead to rapid reactions in alkaline conditions, resulting in uneven pore sizes. Zinc powder was the most effective foaming agent, producing materials with a density of 331 kg/m3 and compressive strength of 1.17 MPa, and it also integrates into the geopolymer gel structure. The foaming process should occur at room temperature. Elevated temperatures increase curing rates and result in incomplete geopolymerization, preventing uniform pore formation. Synthesized geopolymers are suitable for building insulation, basements, underground pipelines, and utility networks.