Countries come together to promote geothermal energyDecember 31, 2015
Global Geothermal Alliance has been launched by a partnership of 36 countries
Several countries have joined together to promote the use of geothermal energy throughout the world. The Global Geothermal Alliance has been formed by a coalition of 36 countries, which believe that geothermal energy can be an adequate alternative to conventional forms of power. The coalition aims to see a six fold increase in geothermal energy production by 2030, focusing on developing economies that may be able to benefit most from this form of clean power.
Coalition aims to promote the adoption of geothermal energy in developing economies
Geothermal power has been experiencing modest growth over the past few years, seeing a three to four percent increase in capacity and production every year. Currently, geothermal accounts for some 12 gigawatts of energy production annually. Some 90 countries have significant geothermal potential, but only 24 of these countries are actually making use of this energy, with Japan being among the leading countries in the geothermal space.
Geothermal projects have their risks but are considered a more environmentally friendly alternative to fossil-fuels
Harnessing geothermal energy involves drilling into the earth, using the natural heat of the planet to warm water, which is then used to produce electrical power. The heated water can also be used in homes during colder seasons, offering an alternative to conventional boilers and heating systems. The drilling process requires relatively little energy, which makes geothermal power quite environmentally friendly. There are certain risks associated with geological drilling, however, which may make this form of renewable energy somewhat unattractive when compared to other options.
Geothermal sector must overcome challenges to find success
While harvesting geothermal energy is often considered environmentally friendly, the Global Geothermal Alliance notes that this form of clean power must overcome certain challenges in order to find success. One of the challenges has to do with the risks associated with geological drilling and the cost of developing new geothermal energy systems. Another issue is financing, as developing countries are less likely to show support for this relatively expensive form of clean power. Without adequate financing, new geothermal projects will find difficulty taking form.