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(Bloomberg) – New Zealand wants to double its infection for renewable electricity and double geotomic energy use by 2040 to reduce greenhouse gas emissions.
Resource Minister Shane Jones said in Wellington on Wednesday that the government has started consultation on a latest strategy to tap the geothermal capacity of the South Pacific nation.
“Our unique geographical location on the boundary of Australian and Pacific Tectonic plates, combined with the thin crust of the Earth with that crack, gives us an important geological advantage in expanding the use of this abundant natural resource,” Jones said. “The purpose of this strategy is to build already on great work and provide a clear direction for future efforts.”
New Zealand built the world’s second geothermal power plant in the late 1950s and is the fifth largest geothermal power manufacturer in the world, according to the strategy document manufactured by the Ministry of Trade, Innovation and Employment. While companies such as Sampark Energy Limited and Mercury NZ have opened new plants, the overall development of the industry has been explored and stabilized in the search for potential sectors, which has created a new direction requirement, the ministry said.
The government wants to see more power generated from renewable sources such as steam, hydro and wind to reduce carbon emissions from coal and gas -powered plants. Officials hope that in the next 15 years, domestic electricity demand is to climb 68%, which will create more investment in the new generation including geothrmal.
It also wants to find out how geotomal energy can be used directly in industrial, commercial and agricultural applications to replace the existing coal -powered boilers.
Jones wants to develop technology to tap the so -called supercratical geothermal fluids, which are deep and warm and have significantly higher energy than existing sources. He also sees scope for extracting minerals from geothermal fluid and developing technology and science that can be exported to other countries.
Initially the government wants to improve regulatory structures and data access to more developers – including indigenous Maori groups, which can own land above steam resources – to consider their options. According to the document, the government may finally have the scope to join further discovery.
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