LONDON--(BUSINESS WIRE)--Governments and corporations alike are increasingly looking for ways to reduce emissions and fossil fuel use. While options like wind and solar are gaining more attention, geothermal is less well-known and less often taken advantage of. Infiniti Research notes that there are many advantages to geothermal power: it produces very little in terms of waste or byproducts, has low maintenance costs, and is not dependent on the weather. However, there are drawbacks such as the uncertainty of a site producing enough energy to justify the capital investment in development, and the fact that geothermal sites are often far from cities where the power would be consumed. These have contributed to the slower development of geothermal power.
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Market developments
A new project led by Iceland’s National Energy Authority is looking to overcome some of these obstacles. Geothermica is a research project operating in 13 European countries with the aim of accelerating development of geothermal power. The participating countries have invested over USD 33 million to build both knowledge and strategic alliances between the nations.
Other countries are investigating geothermal options as well. Several provinces and territories in Canada are planning to increase research efforts and expand existing projects. California, US, being situated on the Ring of Fire, has a significant amount of potential geothermal capacity and is researching ways to take advantage of it. South Korea is also investigating its options, with businesspeople urging local and central governments to help facilitate renewable energy projects such as geothermal. They are of the opinion that national policies are the greatest hurdles, and funding and technology issues can be overcome.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
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