150 companies call for a European strategy on geothermal energy

European Commission (source: Sébastien Bertrand / flickr, creative commons)

A group of 150 companies have prepared a letter addressed to European Commission President Ursula von der Leyen calling for a European strategy to unlock the potential geothermal energy. The letter was signed by European Geothermal Energy Council (EGEC) Philippe Dumas and co-signed by some of the biggest companies in the geothermal industry. You may view the letter here.

The letter cited studies done by the International Energy Agency and French Energy Agency ADEME that the geothermal potential of Europe can supply the region’s heating, cooling, and power demand. There are also opportunities for the sustainable extraction of lithium and other raw materials. Yet, the geothermal industry remain under-developed and seemingly low-priority for policy makers.

The joint statement calls on the European Commission to prepare a strategy for geothermal energy and sustainable raw materials extraction by 2023. This will hopefully help the EU to reach their climate and energy targets by 2030 and attain climate neutrality by 2050. The strategy will need to focus on a few key areas – identifying barriers, proposing measures to accelerate deployment, and de-risking of private investments among a handful of others.

Source: EGEC