Geothermal energy could supply 10 per cent of EU electricity production, says the EU plan
The energy ministers in the EU Energy Council have approved conclusions on promoting geothermal energy, marking a pivotal moment for its development in Europe.
The council has called on the EU Commission to draft a European Geothermal Action Plan with concrete measures to accelerate the deployment of geothermal energy.
It also urges member states to: Streamline permitting processes for faster approvals, improve access to financing to address high upfront investment costs, and implement measures to strengthen the workforce in the geothermal sector.
"The conclusions highlight the role of geothermal energy to ensure a smooth transition to a carbon-free Europe, strengthen our competitiveness, and secure our energy sovereignty," said Csaba Lantos, Hungarian Minister for Energy.
Using today’s well-established technologies, geothermal energy has the potential to supply 25 per cent of the EU’s heating and cooling needs and 10 per cent of its electricity production, according to the European Commission’s Strategic Energy Technology Plan. Next-generation technologies could significantly increase these figures.
Additionally, the EU Energy Council calls for the EU Commission to establish a European Geothermal Alliance to unite stakeholders in advancing geothermal solutions across Europe.
In a press release, the EU Council stated:"Geothermal energy can be used for affordable and secure heating and cooling, and it can provide a stable supply of electricity. Therefore, it can decarbonise the energy consumption of buildings and make industries more competitive and sustainable."
At the EU Energy Council meeting, the International Energy Agency (IEA) Executive Director Fatih Birol addressed the ministers, presenting the IEA’s recent report on the future of geothermal energy. The report shows that geothermal energy could support 15 per cent of total electricity generation by 2050, compared to the 1 per cent it accounts for today.
Alexander Helling, Baseload Capital CEO, said: "At Baseload Capital, we welcome this pivotal moment for geothermal energy in Europe and will continue doing our part to scale up this clean, reliable source that delivers 24/7, no matter the weather or time of day."