Sustainability challenge and related SDGs:
Most industrial businesses and homes require both electricity and some form of heating or cooling. Heating, in particular, tends to be provided by burning fuels, usually fossil fuels. Electricity can come from various sources but is often provided by burning fossil fuels. The greenhouse gases released by burning fossil fuels accelerate the climate crisis, and the by-products affect human health.
Despite global warming, it is unlikely that the need for heating will become obsolete anytime soon. Equally, it is increasingly likely that homes and offices will require energy-intensive cooling technology in the future. Switching from burning fossil fuels to renewable energy such as #Geothermal will contribute to SDG 7 “Affordable and clean energy” and SDG 13 “Climate action”.
- 7.Affordable and Clean Energy
- 13.Climate Action
Possible solutions and their contribution to achieving the SDGs
#Geothermal uses the thermal energy in the Earth’s crust up to 5 km below the surface. Through water and steam, heat is transported to the Earth’s surface, where it can be used to generate electricity or for heating and cooling.
#Geothermal energy is clean and reliable and delivers regardless of day and night, wind speed and weather. The core temperature of the Earth is not reduced by using this heat.
Products and services related to #Geothermal range from the construction and financing of #Geothermal power plants to the provision of key components and services. Most #Geothermal projects are large-scale projects. Nevertheless, some products are also used for residential heat pumps that extract heat from ambient air, groundwater or soil.
#Geothermal energy sourcing directly contributes to SDG target 7.1, “Ensure universal access to affordable, reliable and modern energy services by 2030,” and SDG target 7.2, “By 2030, significantly increase the share of renewable energy in the global energy mix”. When #Geothermal replaces fossil fuels, it also contributes to SDG target 13.2, “Mainstream climate action into national policies, strategies and planning.”
Primarily related SDG targets: 7.1, 7.2, 13.2
Investment Rationale and Growth Potential
Currently, only 15% of the world’s known geothermal reserves are exploited. This potential is particularly high in countries with volcanic activity but also of interest in many other countries.
Currently, the high investment costs for #Geothermal plants hinder the necessary growth for global sustainable energy production. However, given the increasing pressure from the climate crisis and the associated annual increase in renewable energy capacity, the construction and operation of #Geothermal power plants will most likely continue to grow.