Hungary's incoming EU presidency will push for bloc-wide approval of an initiative to expand geothermal energy by the end of the year to boost certainty in the sector for potential investors, reports Euronews.
Addressing a conference organized by the European Geothermal Energy Council (EGEC), Viktor Horvath, Undersecretary of State for Energy Transition in Hungary, said that this energy emanating from the earth's crust is available locally and will improve the energy security. He also stressed the importance of making public data from geological databases in EU countries to give investors the much-needed certainty.
Countries such as Austria, Croatia, France, Germany, Hungary, Ireland and Poland have national geothermal roadmaps to support investment and grow their industrial bases, according to EGEC. The council estimates that around 60 million Europeans receive heating and ten million consume electricity from geothermal sources.
According to Horvath, Budapest is working closely with the Polish government, which will take over the rotating presidency of the EU Council from January 1, 2025, and also wants to put geothermal energy on its agenda to make sure that this energy source will be leading the agenda of the Council.
Hungary boasts great geothermal potential, but only 10% of it is currently in use.
“We want to put geothermal energy on the agenda of the Council. As for Hungary, we want to reduce greenhouse gas emissions. We rely heavily on fossil fuel imports and we need to reverse this trend. If we succeed, we will increase Hungary's energy security," Horvath told the conference.
Creation of the European Geothermal Alliance
Labor, skills and construction challenges are barriers to unlocking the full potential of geothermal energy, Horvath said. It proposes the creation of a European Geothermal Action Plan to set future policy, followed by the European Geothermal Alliance, bringing together industry, politicians and civil society.
Such proposals will be added to the agenda of member countries to be discussed at Council level.
"We need to get member states without financial schemes to move in that direction as well," explained Horvath, hinting at financial support similar to the hydrogen bank set up by the EU executive.
Daniel Mes, from the office of EU climate commissioner Wopke Hoekstra, said investors were clearly attracted by the potential for geothermal energy.
He supported Horvath's call, saying more security was needed.
“We need to look at how to invest in that business case, how to invest in drilling, permitting and sharing best practices for safety and public acceptance. Drilling security needs to happen quickly, it's not a matter of public awareness, it's a matter of permission. I like the idea of a European Geothermal Alliance, it's a good way to share good practices and ensure progress according to the needs of each member state," Mes said.