Government Funding Fuels Geothermal Expansion

Felicity Bradstock | Source: Oil Price | Posted 11/25/2024

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This November, in the U.S., two major geothermal bills passed in the House, which is expected to clear the way for a clean energy drilling boom. The CLEAN Act and HEATS Act remove many of the federal permitting regulations that are currently required to drill for geothermal power plants.

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Recent technological advancements and increased government funding have driven significant growth in the geothermal energy industry. Countries, including the US, Europe, and Asian nations like China and Indonesia, are expanding their geothermal capacities. Governments and private companies are investing in geothermal projects as part of the global shift towards cleaner energy sources to reduce reliance on fossil fuels and meet rising electricity demands.

Advancements in Enhanced Geothermal Systems (EGS) have improved the extraction of geothermal energy, with techniques borrowed from the oil and gas industry. In the US, recent legislation such as the CLEAN Act and HEATS Act aims to streamline geothermal drilling regulations and boost clean energy production. European countries are also increasing their focus on geothermal energy, with the EU backing strategies to enhance geothermal output in regions like the Netherlands and Germany. Asia, led by countries like China and Indonesia, is also experiencing significant growth in geothermal capacity, further diversifying the global energy landscape.

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Government Funding Fuels Geothermal Expansion

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