Geothermal is increasingly in the spotlight as policymakers and strategists search for solutions to the continent’s energy supply challenges.
On 2 June, the International Energy Agency (IEA) and Carnegie Europe, a think tank for foreign and security policy analysis, co-organised a private, invitation-only roundtable discussion to ponder geothermal energy in Europe, reflecting its rising significance.
The event was held under Chatham House rules to encourage free and open debate in a quest for innovativee ideas and means to unlock the industry's long-term potential.
“As solar PV and wind capacity are growing and countries are prioritising energy security, geothermal energy offers reliable, non-fuel-dependent, low-emissions power, heating and cooling,” the IEA noted in an announcement ahead of the event.
Geothermal t also brings with it emerging opportunities in the use of critical minerals and the development of underground energy storage capacity, according to the IEA.
“Yet, deployment in Europe and globally remains constrained by subsurface risk, financing challenges, limited policy support and regulatory barriers,” the added.
It said the roundtable discussion marked a “unique” opportunity for direct engagement between European policymakers and industry leaders, financiers and innovators from across the continent as well as from the United States.
Participants “will share their recent tangible progress and lessons learned and challenges they face in innovating and advancing geothermal technologies and creating business cases to ensure that policy frameworks are aligned with industry needs and innovation pathways,” the IEA noted.
It comes at a time when the European Union (EU), and multiple nations both in Europe and globally, are piecing together legislation and other measures to encourage wider geothermal energy adoption.