On Monday, the energy ministers in the EU Energy Council approved conclusions on promoting geothermal energy. This is a pivotal moment for geothermal energy in Europe.
Baseload Capitals Investment Manager Veronica Wnman and Regional Marketing Director Europe Boel Stier with the IEA report on the future of geothermal energy
On Monday, the energy ministers in the EU Energy Council approved conclusions on promoting geothermal energy. This is a pivotal moment for geothermal energy in Europe.
The Council calls on the EU Commission to draw up a European geothermal action plan with concrete measures to accelerate the deployment of geothermal energy.
The Council also urges member states to:
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Streamline permitting for faster processes.
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Improve access to financing to address high upfront investment costs.
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Take measures to enhance 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% of the EU’s heating and cooling needs and 10% 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 decarbonize the energy consumption of buildings and make industries more competitive and sustainable.”
At the EU Energy Council meeting on Monday, 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% of total electricity generation by 2050, compared to the 1% 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.”
