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European firms call for new geothermal strategy

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A total of 150 companies have called on Commission President von der Leyen to prepare a European strategy for geothermal energy.
With the right policies in place, geothermal could meet half of the EU’s heating and cooling demand by 2030 as well as providing balancing services for intermittent renewables and vast stores of lithium and other raw materials needed to accelerate the energy transition and security of supply.
Signatories to the letter range from utilities providing heating and cooling services alongside power generation, multinational energy service companies, the financial sector and project developers.
Philippe Dumas, Secretary General of European Goethermal Energy Council stated that: “Even half the attention given to hydrogen, wind and solar would allow the private sector to crowd-in investments in geothermal due to its long lifespans, low operational costs and immense energy supplies.”
He added: “The climate and Russian gas dependency crises reinforce the need to develop geothermal now,” and that “The EU strategy for geothermal will provide the necessary political focus to unlock regulatory barriers and unleash this vital renewable energy resource.”