Geothermal energy can make the green transition happen

Geothermal energy is an important source of energy, which has not yet been properly developed. While its full range of benefits remains unassessed, it is clear that it provides a reliable source of energy that can contribute to Europe’s strategic autonomy and security.

In Europe, geothermal energy has a potential that is significantly untapped and the European Union should urgently take action to adopt a European strategy for geothermal energy aimed at harnessing its benefits.

At its October plenary session, the European Economic and Social Committee (EESC) took an unequivocal position on energy.

In an opinion drawn up by Zsolt Kükedi and Thomas Kattnig, the Committee underlines that geothermal energy production has extremely low greenhouse gas emissions and can play a key role in the EU’s green transition, by reducing its dependence on fossil fuels and facilitating its decarbonisation.

‘Geothermal energy can make a useful contribution to achieving the EU’s 2050 climate neutrality goals,’ said Mr Kükedi.

‘Its potential is unexploited and the European Commission should move immediately to put together a comprehensive strategy to make use of the resources it provides,’ echoed Mr Kattnig.

Geothermal plants need public support

The Committee points out that investment in geothermal power plants will not work without financial help at national level. More specifically, government funding and incentives will be needed to attract and de-risk the initial investment.

In addition, it is important to note that changes in energy policy or financing may affect the economic attractiveness of geothermal projects.

Building geothermal power plants has risks and those risks need to be accurately identified, especially in terms of environmental impacts. For this reason, it is essential to carry out this process with the involvement of local communities, with a view to increasing public acceptance.

However, the environmental and climate benefits of geothermal energy outweigh the risks, as geothermal energy is one of the best renewable energy sources in terms of land use, resource use and import dependency.

A multifaceted source of energy

Geothermal energy is a constant and reliable source of energy and can contribute to reducing energy system volatility. It does not depend on weather conditions and can be used to produce heat or electricity continuously, around the clock.

Geothermal energy can be used for electricity generation or energy storage, and can provide direct heat for multiple uses such as district heating, water heating, and industrial processes.

According to the International Renewable Energy Agency (IRENA), geothermal energy, being a long lasting, cost-effective and weather-independent source of renewable energy, can help stabilise electricity grids, partly offsetting risks connected to the fast deployment of variable renewables.

Geothermal energy is still not very well developed in Europe, with little coordination among the EU Member States and little progress in recent years. On top of this, its real potential remains unassessed due to the fact that statistics are fragmented and geothermal resource mapping is insufficient.

28.10.2024 / Editor, Andreea Dragan

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