Oil Fracking Could Help Save The Environment
Fracking, one of the major sources of oil in the US, is a dirty business. Fracking fluids create contaminants. The fracking process releases methane. The equipment used makes soot. Fragments from the process can harm birds. However, new evidence shows that it could be tapped to release geothermal energy, according to the IEA.
*The Future Of Oil
“Up to 80% of the investment required in geothermal involves capacity and skills that are transferrable from existing oil and gas operations. The oil and gas industry can also benefit from tapping the potential of geothermal energy. Not only is it an opportunity to develop new business lines in the fast-growing,” a new IEA study shows.
If the cost to explore for and produce this geothermal energy drops low enough, it could provide 15% of the global electricity needed between today and 2050. At this point, geothermal only meets 1% of global demand. Success in unleashing geothermal energy would mean the world must rely less on fossil fuels. It would also add to the alternative energy sources now led by solar, wind, and nuclear.
Policy Plans For 100 Countries
About 30 countries have policies for geothermal extraction and use. That is out of 100 nations with policies for solar and wind. “Moving geothermal up national energy agendas with specific goals, backed support for innovation and technology development, can go a long way to reducing project risk perception and unlocking new investment,” the IEA reports.
One of the greatest challenges geothermal energy increase has is policy and finance-driven. That makes it not unlike wind energy in particular. Central governments need to provide more financial support to increase wind energy development. Private capital finds it is too risky.
Ironically, the oil companies may be the most significant capital providers for geothermal energy. That is if they view it as a hedge against the declining use of their primary products.
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