geothermal

150 leading companies call on President von der Leyen to prepare a European strategy to unlock geothermal energy

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150 companies have called on Commission President von der Leyen to prepare a European strategy for geothermal energy which, if the right policies were in place, could meet half of the EU’s heating and cooling demand by 2030, and more.
150 leading companies call on President von der Leyen to prepare a European strategy to unlock geothermal energy
Courtesy of NREL.

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.”

For additional information:

European Geothermal Energy Council (EGEC)

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