The European Union is eyeing geothermal energy as a possible replacement for Russian gas reserves, according to a draft document sighted by Reuters.
Geothermal projects drill underground to access local subterranean heat, which is used to provide heating or generate electricity.
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According to the draft document, 27 European Union member countries will endorse geothermal energy for the first time at a meeting in Brussels next week, and will request the European Commission to develop a plan to get projects off the ground.
The draft document reportedly requests a strategy to reduce emissions from heating and cooling systems, as well as measures to speed up geothermal projects.
It also reportedly suggests the inclusion of financial guarantees and simpler permitting rules to de-risk geothermal investments.
“The use of geothermal energy contributes to the strategic objectives of the European Union by decreasing energy dependence and fossil fuel imports,” Reuters quoted the draft document as saying.
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European Union countries have endured high energy prices since losing access to Russian gas following Moscow’s 2022 invasion of Ukraine.
But while wind and solar generation have increased, investment in geothermal energy has remained comparatively small due to high upfront investment costs and complex regulatory conditions.
