Governments of 42 countries have agreed to work together to identify and implement measures that will significantly increase the speed of geothermal energy development around the world, the International Renewable Energy Agency (IRENA) said in a statement, following a meeting between public and private leaders in Florence, Italy, last week.
Under the terms of the Florence Declaration, which is the outcome of the Global Geothermal Alliance (GGA) meeting, governments will actively pursue a collective ambition to realize geothermal potential, IRENA said in a statement.
The meeting, entitled: ‘Working Together to Promote Geothermal Energy Towards a Sustainable Energy Future’ – was marked by the release of a new report from IRENA. The report highlights that access to capital for surface exploration and drilling is the main barrier to geothermal development.
The report also noted that more ‘transparent government regulations that avoid project delays’ were needed to provide sufficient certainty to developers and investors, IRENA said.
“Italy considers the Paris Agreement to be irreversible and non-negotiable and, therefore, strives to promote geothermal and other renewable energy sources as a vital component for the planet’s sustainable development,” said Gian Luca Galletti, Italy’s Minister of Environment.
“We must develop new technologies and encourage new investments to ensure we cover this gap. The alliance will multiply its efforts to guide this process, and Italy will provide its contribution with its long experience and know-how.”
Teresa Bellanova, Italy’s Vice Minister of Economy and Development, said: “Geothermal energy’s consistent and continuous availability make it a highly precious source of renewable energy both in Italy and many countries all over the world.
Through our knowledge of the industry, Italy can play an important role in achieving the ambitions of the Paris Agreement, in addition to stimulating sustainable job creation.”
The GGA membership is composed of 42 countries and 29 partner institutions, including multilateral organisations, development partners, international and regional organisations, global financial institutions, academia, research institutions and the private sector.
Director General of IRENA, Adnan. Z. Amin, said: “This meeting has, without question, allowed both the policy and industry communities to identify common ground in the pursuit of what is a renewable energy source with tremendous potential.
If we can identify and implement mechanisms that deliver a greater level of certainty to investors and developers, then we will move beyond meaningful dialogue to decisive action that accelerates geothermal production.”