Governments agreed to support the increased adoption of geothermal energy at a conference in Florence this week.
In what has been labelled the ‘Florence Declaration’, representatives at this week’s Global Geothermal Alliance (GGA) committed to working together to realise the potential of this clean energy source.
The GGA, which has members in 42 countries, is an initiative led by the International Renewable Energy Agency (IRENA). The energy body released a report outlining the current financial and logistical barriers holding back the development of geothermal projects, as well as recommendations on the best way forward for governments.
Italy’s Minister of Environment, Gian Luca Galletti 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.
“Geothermal’s vast potential is currently untapped. 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.”
The GGA wants to achieve a 500% increase in geothermal capacity by 2030.
Director General of IRENA, Mr. 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, contributing significantly to decarbonisation of the global economy, whilst creating jobs and supporting growth around the world.”