EU to boost geothermal energy to cut reliance on Russian gas [Yahoo! Finance]
CHINA NATL BLDGS MT U/ADR (CBUMY)
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Source: Yahoo! Finance
According to a draft document, the 27 EU member states will collectively endorse geothermal energy at an upcoming meeting of EU energy ministers in Brussels, as reported by Reuters. The ministers will urge the European Commission to devise a comprehensive plan to accelerate geothermal projects across the bloc. The draft document calls for an EU strategy to cut emissions from heating and cooling systems, and proposes specific measures to expedite geothermal initiatives. These measures may include financial guarantees to mitigate investment risks and streamline permitting processes. Geothermal projects involve drilling underground to access subterranean heat, which is used for heating buildings or generating electricity. "The use of geothermal energy contributes to the strategic objectives of the European Union by decreasing energy dependence and fossil fuel imports," the draft document states. High energy prices and the loss of Russian gas since the 2022 Ukraine invasion h
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