EU Parliament's Game Changing Move for Geothermal Energy

Tuesday, 23 January 2024

The European Parliament has recently cast a decisive vote in favour of a resolution that champions a comprehensive strategy for geothermal energy across the European Union. Spearheaded by Professor Krasnod?bski MEP of the European Conservatives & Reformist Group (ECR), this resolution garnered overwhelming support, with 531 of the 553 Members of the European Parliament present voting in favour.

Key aspects of the resolution include:

• The establishment of a European strategy for geothermal energy, aimed at easing administrative burdens and promoting investment in various sectors, including buildings, industry, and agriculture throughout the EU.
• The formation of a Geothermal Industrial Alliance, dedicated to accelerating the adoption of best practices and the effective implementation of related legislation.
• The introduction of a harmonised insurance scheme to mitigate financial risks in the geothermal sector.
• Encouragement for EU member states to formulate national strategies for geothermal energy, drawing inspiration from existing frameworks in countries such as France, Germany, Poland, Austria, Croatia, and Ireland.
• Support for regions transitioning from fossil fuels to geothermal energy, facilitating a more equitable shift towards renewable energy sources.
• Philippe Dumas, Secretary General of the European Geothermal Energy Council, praised the resolution, emphasising that it places geothermal energy at the forefront of EU policy considerations. The resolution is seen as a critical step towards making the energy transition more affordable and accessible to all segments of society.

This development is particularly noteworthy for large and industrial businesses, as it signals a growing emphasis on geothermal energy within the EU's broader energy and environmental strategy. The resolution's focus on reducing administrative barriers and financial risks, as well as its support for industrial and agricultural applications, presents new opportunities for business sectors to engage in sustainable energy practices.

The resolution's emphasis on geothermal energy reflects the EU's commitment to diversifying its energy sources, reducing dependence on fossil fuels, and moving towards a more sustainable and secure energy future.

Sources: ThinkGeoEnergy and the European Geothermal Energy Council (EGEC).