Geothermal energy is a type of renewable energy taken from the Earth’s core. It is the heat derived within the sub-surface of the earth. Water and/or steam carry the geothermal energy to the Earth’s surface. This energy is harnessed mainly through
- Geothermal power plants - use heat from deep inside the Earth (temperature exceeding 1500C) to generate steam to generate electricity
- Geothermal direct use –direct use of hot water (temperature between 300C to 1500C) from the ground without the need for any specialized equipment
- Geothermal heat pumps – use heat close to the Earth's surface (temperature between 50C to 300C) to heat water or provide heating/cooling for buildings
Under the European Union (EU) – India Clean Energy and Climate Partnership (www.cecp-eu.in), which was agreed at the EU-India Summit in 2016 and confirmed in 2017, 2020 and 2021, the EU Delegation to India is developing the “EU-India Financing Investment in Clean Energy Platform (FICEP)”. The objective of FICEP is to encourage investment in the field of energy efficiency and renewable energy systems in India and the EU. FICEP is expected to act as a catalyst for investments and is intended to inform and connect various actors in the energy sector, including initiators and innovators, project promoters and entrepreneurs, project developers and the European and Indian financing community.
One of the focus areas of FICEP (at initial stage) is energy efficiency in buildings and industries. Geothermal or Ground Source Heat Pump (GSHP) technology was selected as the technology of interest. The ‘Best Practice Manual for Investment in Ground Source Heat Pumps’, as part of the building energy efficiency intervention under FICEP, brings across the best practices that should be adopted by investors and borrowers for availing finances for ground source heat pumps (GSHPs) in India.
In this context, the European Union (EU) organised a webinar on 23rd May 2022 (03:00PM – 04:30PM IST / 11:30AM – 01:00PM CET), proposed to bring together the stakeholders from the EU and India to exchange ideas on the geothermal technology with particular focus on the GSHP technology, market trends and potential for growth in the EU and India and the best practices manual that is developed to help promote financing of GSHP projects in India.