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illuminem summarizes for you the essential news of the day. Read the full piece here in Forbes or enjoy below
🗞️ Driving the news: Iceland's innovative geothermal and hydropower model has caught international attention and is being replicated across the globe
• Despite the tremendous potential of geothermal energy, the United States lags behind due to underinvestment
🔭 The Context: Iceland's energy model, which extracts geothermal energy from its unique geological features, was once considered unreplicable
• However, advancements in technology and extraction methods are leading to its adoption in other regions, contributing to a greener and more sustainable energy landscape
🌍 Why it matters for the planet: The wider adoption of Iceland's model and the integration of geothermal energy into the energy mix can help reduce reliance on fossil fuels, leading to significant carbon emissions reduction
• Geothermal energy harnesses the perpetual heat produced within the Earth, making it a potent and efficient source of renewable energy
⏭️ What's next: Various countries, including Japan and Chile, are already making headway in geothermal energy adoption
• The US, on the other hand, has geothermal plants only in seven states and an outdated flagship project (Sonoma 3), built before modern tech transformed geothermal energy
💬 One quote: "America’s best geothermal companies are lagging behind foreign competitors. Unless the private and public sectors jointly develop breakthrough, economically efficient tech, gigawatts of energy beneath our feet will continue to be wasted” (Dr. Ariel Cohen, senior fellow at the Atlantic Council's Eurasia Center)
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