Governments have agreed to work together to identify and implement measures that will significantly increase the speed of geothermal energy development around the world, following a milestone meeting between public and private leaders in Florence, Italy, this week. Under the terms of the ‘Florence Declaration’ – an outcome of the Global Geothermal Alliance (GGA) meeting – governments will actively pursue a collective ambition to realize geothermal potential.
The meeting, entitled: ‘Working Together to Promote Geothermal Energy Towards a Sustainable Energy Future’ – the largest such meeting of ministerial representatives to discuss geothermal energy – was marked by the release of a new report from the International Renewable Energy Agency (IRENA), coordinator of the GGA, in which access to capital for surface exploration and drilling was cited as the main barrier to geothermal development. The report also noted that more ‘transparent government regulations that avoid project delays’ were needed to provide sufficient certainty to developers and investors.
Minister of Environment, Mr. Gian Luca Galletti stated, “Italy considers the Paris Agreement to be irreversible and non-negotiable and therefore strives to promote geothermal and other renewable energy sources as a vital component for the planet's sustainable development.”
“Geothermal's vast potential is currently untapped,” he continued. “We must develop new technologies and encourage new investments to ensure we cover this gap. The Alliance will multiply its efforts to guide this process, and Italy will provide its contribution with its long experience and know-how.”
The GGA membership is composed of 42 countries, and 29 partner institutions, including multilateral organizations, development partners, international and regional organizations, global financial institutions, academia, research institutions and the and private sector.
Director General of IRENA, Mr. Adnan. Z. Amin, said, “This meeting has, without question, allowed both the policy and industry communities to identify common ground in the pursuit of what is a renewable energy source with tremendous potential.”
The GGA aims to enhance multilateral efforts towards a more favorable environment to achieve a 500% increase in global installed capacity for geothermal power generation and a 200% increase in geothermal heating by 2030.