Brussels, 13th December 2024 – The European Geothermal Energy Council (EGEC) welcomes the publication of the International Energy Agency’s (IEA) historic and ground-breaking report outlining geothermal’s role in improving energy security and economic resilience whilst addressing the climate crisis. Presented today by Dr Fatih Birol, IEA’s Executive Director stated: “Geothermal is a versatile (power and heat for homes and industry), clean and secured energy source. One of the most important features: it is around the clock”. This report highlights geothermal as unique and versatile renewable energy with vast potential for electricity generation, heating and cooling supply and allowing thermal storage, raw materials and mineral extraction, including lithium. It rests reassuringly below our feet, in homes, offices, and factories everywhere. With the right political visibility, improved financial and regulatory frameworks, it will become the foundation of the cheap, local, inclusive and rapid energy transition. “The IEA highlights the huge potential for geothermal. Now, it is the turn of the European Commission to make this a reality in Europe with its EU Geothermal strategy,” said Philippe Dumas, Secretary General of EGEC. “This historic moment marks the dawn of the geothermal age,” added Sanjeev Kumar, EGEC Head of Policy. With its unparalleled ability to provide reliable, low-carbon energy for electricity, heating, and cooling, geothermal energy holds immense promise for contributing to global decarbonization efforts and energy security. EGEC calls on policymakers, industry stakeholders, and financial institutions to act on the IEA’s recommendations and unlock the full potential of this versatile resource: “Move geothermal up the energy policy agenda by making geothermal energy more prominent in national energy planning”. The conclusion of the Report is that we need: immediate action on deploying geothermal everywhere. Download the Press Release. Read the full report.
Dan Jørgensen, the Commissioner-Designate for Energy and Housing, committed to European strategy for geothermal at his confirmation hearing in the European Parliament yesterday, November 5th, 2024. He stressed that “Unfortunately that is an untapped resource” and that it can “definitely play a bigger role” in the heating of buildings. He agreed with the European Parliament’s resolution, which was adopted on 18th January 2024 (2023/2111(INI))1 with near unanimous support, that access to subsurface data; planning; financing; and new business models that address higher upfront costs but maximise very low operational costs over long lifetimes would be covered. Earlier, Krzysztof Bolesta, Deputy Minister of Climate and Environment for Poland, stated “Geothermal energy is one of these essential resources in achieving decarbonisation” at the Euroheat & Power Summit in Brussels. Philippe Dumas, Secretary General for the European Geothermal Energy Council (EGEC) stated “Geothermal finally became a key pillar of Europe’s energy transition” whilst Sanjeev Kumar, Head of Policy, added, “Today marks the dawn of the geothermal decade”. Geothermal energy provides baseload electricity, heating and cooling; the cheapest and least land-intensive means of energy storage; as well as the most sustainable means of lithium and mineral extraction. At present, geothermal provides less than 2% of the EU’s final electricity, heating and cooling energy supplies. With a robust policy framework, EGEC’s modelling confirms that geothermal can meet at least 75% of the EU’s heating and cooling demand by 2040, 15% of electricity supplies and 10% of lithium and other minerals in a cost-effective means. Download the Press Release.
