Forbes on Nostr: New IRA Funding Available For Geothermal Energy - Learning From Iceland ========== ...
New IRA Funding Available For Geothermal Energy - Learning From Iceland
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Iceland has become an 85% renewable energy economy, with heating, cooling, and some electricity generated from hydropower, geothermal, solar, and wind. The country is also capturing the small amount of CO2 emitted by geothermal energy and storing it underground. The potential for geothermal energy is enormous, with the U.S. Department of Energy stating that next-gen geothermal could provide 90 GW by 2050, enough to power over 65 million American homes. The Inflation Reduction Act and Infrastructure Investment and Jobs Act include billions of dollars for research and development of geothermal energy. The U.S. has formed the U.S.-Iceland Energy Partnership to learn from Iceland's experience in geothermal energy. The partnership is part of the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC), which includes 22 countries. The U.S. is also funding geothermal plants in several western states. Geothermal energy could provide a natural transition for oil and gas workers, as the excavation process is similar. However, geothermal pay is currently not as high as in the oil and gas sector. The U.S. is offering funding for pilot projects of Enhanced Geothermal System (EGS) through a new round of funding. The goal is to accelerate and scale geothermal energy as part of the strategy to decarbonize the U.S. energy system by 2050.
#GeothermalEnergy #Iceland #RenewableEnergy #UsicelandEnergyPartnership #Ptecc #OilAndGasWorkforce #EnhancedGeothermalSystem #Decarbonization
https://www.forbes.com/sites/joanmichelson2/2024/06/30/new-ira-funding-available-for--geothermal-energylearning-from-iceland/
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Iceland has become an 85% renewable energy economy, with heating, cooling, and some electricity generated from hydropower, geothermal, solar, and wind. The country is also capturing the small amount of CO2 emitted by geothermal energy and storing it underground. The potential for geothermal energy is enormous, with the U.S. Department of Energy stating that next-gen geothermal could provide 90 GW by 2050, enough to power over 65 million American homes. The Inflation Reduction Act and Infrastructure Investment and Jobs Act include billions of dollars for research and development of geothermal energy. The U.S. has formed the U.S.-Iceland Energy Partnership to learn from Iceland's experience in geothermal energy. The partnership is part of the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC), which includes 22 countries. The U.S. is also funding geothermal plants in several western states. Geothermal energy could provide a natural transition for oil and gas workers, as the excavation process is similar. However, geothermal pay is currently not as high as in the oil and gas sector. The U.S. is offering funding for pilot projects of Enhanced Geothermal System (EGS) through a new round of funding. The goal is to accelerate and scale geothermal energy as part of the strategy to decarbonize the U.S. energy system by 2050.
#GeothermalEnergy #Iceland #RenewableEnergy #UsicelandEnergyPartnership #Ptecc #OilAndGasWorkforce #EnhancedGeothermalSystem #Decarbonization
https://www.forbes.com/sites/joanmichelson2/2024/06/30/new-ira-funding-available-for--geothermal-energylearning-from-iceland/