Discover funds for geothermal power with new IRA funding option.

By Oliver Townsend Jun 30, 2024
New IRA Funding Available For Geothermal Energy.jpegOrginal image from: https://www.forbes.com/sites/joanmichelson2/2024/06/30/new-ira-funding-available-for--geothermal-energylearning-from-iceland/

Geothermal energy has emerged as a promising renewable energy source, offering nearly-zero emissions energy that can be harnessed to power communities worldwide. The process of capturing geothermal energy, however, is complex and requires significant investment. Countries like Iceland have been at the forefront of geothermal energy utilization, with Iceland boasting an 85% renewable energy economy. The recent eruption of the Reykjanes volcano in Iceland served as a stark reminder of the power of geothermal energy and its potential to drive the transition to a clean energy economy.

The Potential of Geothermal Energy

Geothermal energy has the potential to serve as a reliable baseline energy source, unlike solar and wind power, which are intermittent. With projections indicating that next-gen geothermal could provide up to 300 GW of power by 2050, the U.S. government has allocated significant funding for research and development in the geothermal energy sector. The new round of U.S. funding aims to accelerate the deployment of Enhanced Geothermal System (EGS) projects and drive the decarbonization of the U.S. energy system.

Learning from Iceland

Iceland’s extensive experience in geothermal energy offers valuable lessons for other countries looking to develop and deploy geothermal projects. The U.S.-Iceland Energy Partnership, launched by the Biden Administration, focuses on collaboration in geothermal energy, carbon capture, and hydrogen technologies. By leveraging Iceland’s expertise and establishing partnerships, countries can expedite the transition to a clean energy economy.

Repurposing Skills for a Sustainable Future

One of the key benefits of transitioning to geothermal energy is the potential for workers in the oil and gas industry to repurpose their skills for the geothermal sector. With advancements in next-gen geothermal technologies, the skills acquired in the oil and gas industry can be transferred to geothermal projects, ensuring a smooth transition for the workforce. By tapping into the existing talent pool and fostering skill development, the geothermal sector can drive economic growth and sustainability.

Driving Innovation and Collaboration

The collaboration between countries like Iceland and the U.S. highlights the importance of knowledge sharing and innovation in the geothermal energy sector. By investing in research, technology development, and workforce training, countries can unlock the full potential of geothermal energy and accelerate the global transition to a sustainable energy future. With geothermal energy poised to play a significant role in combating climate change, collaborative efforts and strategic investments are essential for realizing this vision.

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