EU's Geothermal Energy Push: A New Era in Renewable Resources

The European Union plans to boost geothermal energy as an alternative to Russian gas. At the upcoming EU energy ministers' meeting, member states will endorse geothermal energy and request a strategy to reduce heating and cooling emissions across the bloc, aiming for increased projects despite existing barriers.

European Union countries are making strides towards geothermal energy to replace Russian gas and bring down soaring energy prices, according to a draft EU document.

Next week's meeting of EU energy ministers in Brussels will see the 27 EU members, for the first time, jointly endorsing geothermal energy. They will urge the European Commission to devise an EU-wide plan to jumpstart geothermal projects, as indicated in a draft document reviewed by Reuters. The focus is on an EU strategy aimed at cutting emissions from heating and cooling systems, with specific measures to expedite geothermal initiatives.

Geothermal energy, which involves drilling underground to tap into local subterranean heat, is set to play a crucial role in the EU's strategic objectives by decreasing reliance on fossil fuel imports. As energy prices climb and reliance on Russian gas wanes, propelled by Russia's 2022 invasion of Ukraine, European nations are accelerating their pursuit of renewable energy. Yet, geothermal energy lags behind solar and wind due to high initial costs and regulation hurdles.

(With inputs from agencies.)