Geothermal NOW – EGEC publishes geothermal manifesto for Europe
EGEC has published the “Geothermal NOW” manifesto outlining an action plan for regulators to remove the bottlenecks to maximize geothermal potential in Europe.
The European Geothermal Energy Council (EGEC) has published the “Geothermal NOW” manifesto that calls for action from regulators to remove the bottlenecks that are hindering geothermal from delivering its full benefits to baseload electricity, heating and cooling, energy storage, and extraction of lithium and other minerals.
Click here to access the full “Geothermal NOW” manifesto.
The document states that geothermal can deliver the following benefits by 2040:
- 75% of the EU heating and cooling needs in residential, public, and commercial buildings;
- 65% of the agri-food sector’s heating and cooling demand;
- 15% of electricity production combined with stability and flexibility services;
- 25% of low to medium industrial process heat at temperatures below 200 degrees (half of the EU’s industrial processes emissions come from uses below 200 degrees); and
- 10% of the EU’s lithium and other raw material demands.
However, these benefits can only be realized with the support of regulators through 9 simple actions:
- A European geothermal energy strategy and action plan
- A financial risk guarantee mechanism
- Digitalized geological data and efficient permitting processes
- A geothermal industrial alliance
- Planning and business models
- Geothermal agriculture commitment
- Geothermal lithium and critical raw materials mandate
- Underground Energy Storage
- European Green Industrial Deal
The EGEC has already started the initiative to call on the European Commission for a geothermal strategy and action plan. Industry stakeholders are invited to participate and endorse the call to action. Confirmation of support must be sent by the 4th of June 2024.
Source: EGEC
