China’s carbon-neutral goal: Sinopec geothermal joint venture expects 25 per cent growth annually over five years as clean heating demand rises
- China is adopting geothermal because it is by far the most economic means of heating available, Sinopec Green Energy executive says
- Company expects to heat floor space the size of Manhattan by the end of the year
Sinopec Green Energy Geothermal Development, the world’s largest developer of projects that use underground heat to keep buildings warm during winter, expects to grow by 25 per cent annually over next five years.
“China is adopting geothermal because geothermal district heating is by far the most economic means of heating available,” he told the Post. “It also answers China’s fundamental policy of carbon neutrality and [combating air pollution].”
Unlike fossil fuels, the supply of geothermal energy is highly reliable and is not exposed to volatilities of supply, fuel costs and transport capacity. China has the world’s largest geothermal district heating network, which spans 200,000 kilometres of pipework and 9 billion square metres of floor space, according to the International Energy Agency.
And while upfront investment was required to set up a geothermal system, its low operating cost meant it was “very competitive” compared to coal-based heating in the long term, Hardarson said.
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China has the world’s largest low-to-mid temperature geothermal resources, which suit the heating of district buildings. Its high-temperature resources – typically extracted from deeper underground for power generation – are more limited and mostly located in its remote western regions.