OPEC Fund Quarterly - 2022 Q3

The GRÓ Geothermal training covers technical details required to develop and explore geothermal resources

PHOTOS: Málfrídur Ómarsdóttir

PHOTO: ISOR/Asgeir Eggertsson

The pros Geothermal energy has several advantages compared to other renewable sources. “First of all,

Another advantage is that geothermal energy can in fact be tapped all over the world, not just in places like Iceland or the Great Rift Valley. “Volcanic areas have the highest temperatures and highest concentration of energy,” says Axelsson. “But you also have lower temperature resources in areas where you have tectonic activity or fractures in the ground where water can circulate. You can also tap geothermal energy from sedimentary basins, found in large parts of North and South America, Europe and Central Asia.” This global perspective was

“simple” generation of electricity. At a fundamental level, it also provides for the “direct use” of natural heat in the form of steam and hot water. In Iceland, for example, geothermal energy covers around 90 percent of heating demand (i.e. the “natural” heat is piped directly into buildings). In hotter countries, meanwhile, geothermal can be used in the agri-food sector in greenhouses, food processing and drying, as noted in a 2019 report by IRENA. Steinunn Hauksdóttir, Director of Mapping and Exploration at Iceland GeoSurvey (ÍSOR), goes further – underlining not only our capacity but our responsibility to use geothermal energy in the most efficient way possible. “To say it upfront, we’re in a position today that all nations should enable the direct use of their geothermal resources. “The big money is in power plants and electricity generation, but there should also be a focus on ‘cascaded’ use to harness the energy in a stepwise fashion. You start by taking steam to produce electricity, which leaves colder fluid that can then be used in different ways to heat homes, bathe in or process food. If you’re serious about working in harmony with the environment, you should have a clear row of utilization, each step fitting the next.”

geothermal is steady,” says Axelsson. “The baseload doesn’t depend on weather or the seasons, in complete contrast to wind and solar, which fluctuate so much. In Kenya, for example, they have dramatic fluctuations in hydropower because they have dry years and wet years.”

Ulrike Haarsager, Head of Development Effectiveness – Strategic Planning & Economic Services “I turn off the air conditioning and lights every time I leave my office. I use public transport or bike/walk/scoot in Vienna almost exclusively. I have an electricity supply contract with 100% renewable energy. I am an advocate for real

confirmed in September 2022 by Jim Hollis, head of US-based Geothermal

Technologies Inc., who told the UK’s Daily Express

newspaper: “These hot water aquifers are everywhere – pretty much everywhere you’re getting oil. So

we can scale these things globally, and

climate change action, projects and initiatives at the OPEC Fund.”

really ramp up the ability to bring geothermal in to complement solar, wind and other things.” Another benefit is that geothermal energy goes beyond the

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