| Glitnir Gets Ready to Push US Geothermal |
| Written by Hank Green | ||
| Tuesday, 25 September 2007 | ||
 Geothermal energy isn't one of the most discussed forms of renewable energy, but a lot of smart people are betting that its boomtime is just over the horizon. The Glitnir Bank of Icealand just decided they would loan out $1 billion dollars to U.S. companies building geothermal energy plants. If anyone knows about geothermal, it's Iceland. They're the only country in the world that runs on 99% renewable power, and 30% of that comes from geothermal (the rest from hydroelectric). Glitnir has already made a few investments, but the bank is estimating that investments necessary to service current projects are around $9 billion, and that the overall need for investment to fully capitalize on the trend is roughly $40 billion. There's no doubt that geothermal has a huge part to play in the future, and it looks like Iceland is getting an early foot into the door. Via CleanTech.com
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written by Joel , September 25, 2007
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written by Frank , September 26, 2007
Geothermal energy is essentially renewable (or maybe even better than renewable) because comes from plate tectonics and the earth's stored heat/magma under the crust: http://en.wikipedia.org/wiki/Geothermal_energy
I stayed in a B&B powered by geothermal energy while on a trek along Hadrian's Wall - there was no town for several miles so he didn't have to rely on the local power grid (it's very stormy, etc., in that area). It'd be great for anyone wanting to live 'off the grid' or way out in a rural area. | ||
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But it is abundant, and doesn't pollute.
By the way, there's a typo in the title. (I think you meant "push").