Geothermal Energy Sector in China Gaining Momentum
Published By : 14 Jul 2015 | Published By : QYRESEARCH
China’s revised polices and increased investment in the renewable energy field shows that the nation’s all geared up to reduce its greenhouse gas emissions. China is the world’s fastest growing economy and has shown tremendous growth in its renewable energy sector, especially in the solar energy domain. However, the nation is now exploring geothermal energy that is expected to have a massive power and potential to create energy.
In 1970, the first geothermal power plant started generating energy in the Guangdong province, this initiative was the culmination of a long national campaign that was influenced by the first Chinese Minister of Geology. Soon there were ten geothermal energy plants installed to meet the never ending energy demand of the country’s population.
However, after 1970 the China geothermal energy sector lay dormant for many decades and many government and private initiatives could have been able to possibly revive this sector. Last year, China had around 28 megawatts capacity of geothermal power operating and Beijing is hoping to reach its goal of 100 megawatts of installed capacity for geothermal power by end of 2015. On the other side of the globe, Iceland has 660 megawatts of geothermal installed capacity while the United States boasts of around 3,500 megawatts of potential for geothermal power.
With the expansion of geothermal power in Beijing, it would seem the dormant geothermal power scene in China is finally stirring since the Minster’s death. According to a research associate based at the University of Michigan, the death of the Minister was the most crucial factor derailing the geothermal scene of China.
The urgent need of the country to diversity itself from coal shows that the geothermal stock is on the rise and will gain importance in the coming few years. Past year, it was able to establish a national forum that promoted the use of geothermal sources.