Geothermal energy has a great potential to supply heat and cold development in each country. Heating and cooling represents half of the energy consumption in Europe. Geothermal can supply heating, cooling and hot water with base load, at different temperature, it’s also sizable and can be coupled with an underground thermal energy storage. It can provide h&c to buildings, industry, services and the agriculture sectors.
Geothermal lithium and other minerals, as by-product in geothermal heat and electricity systems, are the game-changer for decarbonisation.
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Geothermal electricity is key to stabilising the grid and reducing the overall system costs of future electricity system. Not only is it more affordable it is also a reliable choice as geothermal is available 24 hours a day, every day of the year.
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To finance small and large scale geothermal projects, it requires reducing uncertainty in terms of the cost of the project as it is capital intensive. By establishing a risk insurance all over the world that would cover the exploration and first drilling for large geothermal projects, it could greatly aid in expanding the market.
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Geothermal energy has a great potential for development in many countries. However, the advantages of using geothermal for power production and heating & cooling are not widely known. It is essential to take into consideration the social and environmental concerns and benefits for the future.
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Research and Innovation is a main contributor for the geothermal industry in order to further explore its potential as well as expand its market all across the world.
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EGEC, the European Geothermal Energy Council, is a non-profit international organisation founded in 1998 to promote the European geothermal industry and enable its development both in Europe and worldwide, by shaping policy, improving business condition, and driving more research and development.
November 14, 2024