Dec 28 2010
The geothermal global leader, Iceland, plans to work with the largest energy consumer in the world, China, and develop geothermal resources in the Middle Kingdom. Olafur Grimsson, President of Iceland, revealed that Wen Jiaboa, Premier and Xi, Vice President of China had both proclaimed Iceland as China’s primary partner responsible for China’s transformation into a geothermal nation.
China had started adopting and investing heavily in alternative energy technologies to meet the country’s growing energy requirements and to decrease greenhouse gas emissions. The previous year, an amount of USD$34.5 billion was invested in clean technologies in China.
China depends mainly on coal fired power to generate around 80% of its power. With focus on solar, wind and efficient transport, 15% of its power would be generated from Renewables by 2020. However, the Chinese Authorities want geothermal energy to play a dominating role in the future. President Grimsson disclosed that China in trying to develop clean energy is doing just what his country had achieved in Reykjavik, which was once upon a time heated by oil and coal and now runs on geothermal power.
China Petroleum and Chemical (Sinopec), China’s second biggest oil and gas producer plans to adopt geothermal energy as one of their major businesses. The first step was to sign a contract with Geysir Green Energy of Iceland for jointly developing geothermal power. This partnership would be beneficial for the Iceland economy. Iceland’s expertise in geothermal energy has made it possible for it to work with countries such as Abu Dhabi, East Africa, India, US and Europe.