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2021-05-24 12:25:00

GEOTHERMAL ENERGY UP

GEOTHERMAL ENERGY UP

 

By JANE MARSH Editor Environment.co 

ENERGYCENTRAL - May 18, 2021  -  Society has a longstanding connection with geothermal energy. Indigenous American tribes settled near hot springs, sourcing vital heat and water. Today, we have a newfound understanding of geothermal power, which includes solar panels and wind turbines.

The U.S. is the largest producer of geothermal energy, though its uses and popularity remain low. However, America has rejoined the Paris Agreement, influencing the renewable energy market’s growth.

Growing Geothermal Market

Global government officials and businesses drive sustainable alterations. The eco-conscious movement placed high demands on companies, persuading them to adopt green practices. Younger generations value social equality and environmental protection.

Nearly  61% of millennials pay more  for sustainable products. Eco-consumerism has significant effects on the market, putting environmentally degrading companies out of business. Global businesses must adopt eco-friendly habits to remain competitive in their industry.

The market’s longevity and resilience drive the demand for geothermal accessibility. Companies may shrink their carbon footprint, lower utility costs and improve customer appeal when investing in renewable energy. Geothermal benefits fuel companies’ investments in green advancements.

BP’s and Chevron’s Investment

Two of America’s largest oil companies recently invested in a Canadian geothermal startup. BP and Chevron  for technological development and establishment. Though fossil fuels drive environmental degradation, many companies move toward renewable energy, meeting the demands of eco-consumers.

BP is reinventing itself as an eco-friendly company. The historic oil spill in the Gulf generated significant harm, endangering marine ecosystems, local food supplies and the economy. It hopes its $5 million annual low-emission investments can help pay for past damage.

The Canadian geothermal plan utilizes a closed-loop system. Fluids circulate through subsurface pipes, absorbing nondepleting heat. It acts as a radiator to provide direct heat or renewable electricity.

As more companies invest in geothermal system development, society’s access to renewable power increases. The current cost of installing residential  geothermal systems ranges between $20,000 and $25,000. When technology advances and techniques gain popularity, prices should decrease.

New Zealand and the African Union Commission

New Zealand also upped its greenhouse gas emission reduction. It signed an agreement with the Ministry of Foreign Affairs and the African Union Commission to financially support Kenya’s geothermal development. New Zealand  offered 76 million in Kenyan currency, aiding the expansion and affordability of green technology.

The funding directly affects technical assistance, geothermal regulation understanding, building services, barrier alleviation and more. In return, New Zealand hopes its access to renewable energy will advance. It would increase the country’s sustainability, shrinking its carbon footprint and protecting citizens’ health.

Geothermal heating improves indoor and outdoor air quality. It lessens the effects of  combustion-driven home temperature control, such as allergic reactions, trouble breathing and frequent asthmatic episodes. Renewable energy reduces adverse health effects, protecting families around the globe.

Swedish Energy

Sweden’s Net Trading Group and Rock Energy Group signed a renewable power agreement this year. Rock Energy utilizes pioneering and globally influential technology, generating clean energy from anywhere.

The group developed a unique renewable technology,  accessing deeper boreholes than conventional systems. They provide significantly higher energy production rates, showing promising sustainable solutions for environmental problems. Rock Energy works out of Norway, and Sweden plans to utilize its geothermal energy, lowering the global footprint.

U.S. Department of Energy

The U.S. Department of Energy (DOE) and the University of Utah  allocated $46 million to geothermal research. They chose 17 national projects, financially supporting their innovation and growth. As renewable technology advances, we may meet the goal of the Paris Agreement.

The University of Utah  developed two 11,000-footwells, generating a geothermal reservoir. It took the university 84 days, drilling into abrasive hot granite. It also extracted 74 feet of granite and metamorphic core, studying to advance geothermal technology further.

Professionals reached a vertical depth of 8,561 feet, accessing over 440 F. The amount of heat accessible by the wells hold great potential for regional accessibility. Though few individuals and industries currently utilize geothermal power, the DOE’s advancements provide promising hope for a greener future.

Sustainable Living

The race to shrink our global carbon footprint continues to drive government and economic efforts. Investments in alternative forms of energy aid our transition to sustainable living. Off-site geothermal power plants hold significant potential for eco-conscious urban development and global accessibility.

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This thought leadership article was originally shared with Energy Central's Clean Power Community Group. The communities are a place where professionals in the power industry can share, learn and connect in a collaborative environment. Join the Clean Power Community today and learn from others who work in the industry.

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Tags: GEOTHERMAL, ENERGY, CLIMATE