The Reykjavik Declaration issued on October 27th, 2021 outlines a set of principles and recommendations for the global geothermal sector to step up its role in the energy transition as a value-driven, clean and affordable energy source serving communities, citizens and the climate.
The geothermal sector needs to do more to support limiting the global temperature rise to 1.5°C. The growth potential of geothermal, according to the International Renewable Energy Agency, is estimated to be tenfold for heating and cooling solutions, and eightfold for electricity markets by 2050. Moreover, a joint Energy Compact issued by the International Renewable Energy Agency, and the International Geothermal Association advocates that a threefold increase of the geothermal heating and cooling sector by 2030 is feasible.
The task in front of us is to advance sustainable geothermal energy growth and do so in a thoughtful way. The Reykjavik Declaration aims to strengthen the foundation for the sustainable growth of the geothermal energy sector by establishing a common vision and engaging its wide-ranging stakeholders globally.
At World Geothermal Congress 2020+1 that took place from the 24th to the 27th of October 2021 in Reykjavik, the following principles are necessary for sustainable global growth of geothermal projects during the coming geothermal decade.