While Europe has often spearheaded geothermal progress and innovation, the past few years have played witness to a stagnated playing field as financial blockades and unclear legislation has somewhat slowed the project pipeline. However, after funding through both private and public channels continues to gain momentum, the region has the resources and drive to become a major market player within the geothermal market once again.
In January 2024, the European Union Parliament overwhelmingly endorsed a resolution that called for a new geothermal energy strategy to be implemented across the region. The resolution calls for an industrial alliance on geothermal energy, as well as the installation of an insurance programme to mitigate against financial risk. This endorsement is a huge step for the region and will hopefully provide reassurance and confidence in the market to warrant further investment.
However, while the parliamentary push is a step in the right direction, concerns are still being drawn around the commerciality of the commodity for geothermal, and the debate about whether the long-term payoff and associated risks are worth the investment.
With the above issues and more industry insights set to be discussed at the upcoming GTS EU 2024 later this year, including topics around expediting growth, new technology and scalability, enhancing the transition, attracting external stakeholders and commercial considerations, the bespoke outlook offers an alternative look into the pioneering industry.
