Mixing Climate Change Response with the Profit Motive: Policy Roadmap for Hiring the Oil/Gas Sector to Develop Global Enhanced Geothermal Energy
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Description: Providing viable pathways for oil and gas companies to cease production of fossil fuels and transition to developing geothermal energy is a novel and useful avenue for research that employs the profit-motive and leadership to allow for decarbonization of the energy system rapidly. Oil and gas companies can be contracted to drill geothermal wells and develop enhanced geothermal reservoirs. Enhanced geothermal may have a stronger basis than nuclear or hydropower projects for long-term success, and may be an attractive bargaining point for climate negotiations. Geothermal energy typically can provide baseload power. Initial investment is for drilling and reservoir development, and maintenance costs are low. An MIT study from 2006 modeled more than 500 million TWh of available and affordable geothermal energy globally, making use of closed-loop deep-well systems, greatly expanding its possible reach. This project focuses on key technological, financial and organizational parameters to inform adoption by government and industry.