Geothermal energy could also provide balancing services for intermittent renewables and vast stores of lithium and other raw materials needed to accelerate the energy transition and security of supply.
The geothermal value-chain is as diverse as the many services it provides. Signatories to the letter range from utilities providing heating and cooling services alongside power generation, multinational energy service companies, the financial sector and project developers.
It also includes Geological Surveys, which are government departments responsible for managing national subterranean resources and strong coverage from CEE countries which can benefit the most by replacing reliance on imported Russian gas by domestically sourced geothermal heating and cooling.
“Even half the attention given to hydrogen, wind and solar would allow the private sector to crowd-in investments in geothermal due to its long lifespans, low operational costs and immense energy supplies” said Philippe Dumas, Secretary General of EGEC. “The climate and Russian gas dependency crises reinforce the need to develop geothermal now. The EU strategy for geothermal will provide the necessary political focus to unlock regulatory barriers and unleash this vital renewable energy resource.”
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