The Italian news outlet “Sette24 Europa” recently interviewed Philippe Dumas in the building of the European Parliament (see below), EGEC Secretary General, on the potential of geothermal energy and the many opportunities offered by this clean source of energy in terms of sustainability, jobs, and societal change.
Shallow geothermal energy represents a well-developed, non-volatile and clean technology for providing efficient heating and cooling across Europe. It is often associated with the use of ground source heat pumps but offers a wide range of applications such as geo-cooling or seasonal heat storage.
On 23 September 2019, a workshop has been organised in Brussels in order to discuss the place of the geothermal sector in the Innovation Fund. EGEC Members were welcomed to participate in this workshop, notably to present projects that may be eligible for funding from the Innovation Fund, or the type of instruments that would be most valuable in channelling financial support to innovative geothermal projects.
G-STIC is a series of Global Sustainable Technology & Innovation Conferences focused on integrated technological solutions. The next conference will take place in Brussels, on November 20th-22th.
The fourteenth GeoTHERM will be taking place in its meanwhile successfully established form at 5th + 6 march 2020 in Hoffenburg, Germany. Within 13 years the combination of trade fair and congress has become the biggest geothermal energy event in the world. This is where the dynamics and quality standards of shallow and deep geothermal energy can enjoy a perfect setting.
The European Investment Bank is the largest public development bank, providing financing to a wide array of projects, notably in the energy sector. Yesterday, the EIB reached an agreement that it would stop providing funding to fossil fuel projects from 2022 owards. This development is a crucial step towards the redirection of financing to the energy transition, although the Energy Lending Policy adopted by the Bank are not quite on par with EGEC's expection. Indeed, as the largest public development bank, the EIB has an outsized impact on the allocation of financing to the energy sector, and as such it represents a model to follow for other financial institutions. The Bank has for instance previously been a pioneer in setting criteria that discriminate against financing coal projects, a stance now taken by many major financial institutions. The updated Energy Lending Policy constitute a template for other public and private financial institutions to also ban lending to fossil fuel projects. EGEC was very active in promoting such a shift in the EIB's lending activities in the energy sector, and was advocating for a ban on fossil fuel lending from 2020. EGEC notably co-signed several statements to that end, in particular with the renewable energy industry. However, the decision to stop funding from 2022 - while it will still induce the development of likely stranded fossil fuel assets, or locking in new fossil fuel emissions - does still represent a crucial step in reshaping the energy sector. Some further caution about the updated energy lending policy should also be applied, considering the existence of several loopholes in the policy. Further information will follow for EGEC members.
The Ecodesign framework is undergoing review in order to adapt the energy performance requirement and the labelling of applicances for heating and cooling in particular to reflect changes in technologies.
The European Investment Bank is currently in the process of drafting its updated energy lending policy. As the European Union is progressing towards decarbonisation, and the 2050 horizon is nearing quickly, EGEC joined other industry associations and think tanks to call for the EIB to promptly stop funding fossil fuel projects.
More than 120 members from 28 countries, including private companies, national associations, consultants, research centres, geological surveys, and public authorities, make EGEC the strongest and most powerful geothermal network in Europe, uniting and representing the entire sector.READ MORE