Deliverables
Link with the task 1.3 The relevant stakeholders will be investigated via qualitative interviews about their role in the field of geothermal energy, their needs and visions, relevant networks and communication circles with details on financing, socio- and environmental psychological barriers and constraints, mindsets of involved actors, their risk evaluation and related factors. Further they’ll be questioned about emerging conflicts, issues and risks regarding geothermal projects. The obtained information will then be used to generate a stakeholder map and practical measures.
Benchmarks for alternative financing in the renewable energy sectorLink with the task 2.1 Successful case studies will be reviewed and evaluated with regards to: - Analogue case studies for financing energy projects, all sectors (additional access to capital, public support for innovative projects - Mapping of innovative financing mechanisms for renewable energy (involvement of public via community finance, community co-ownership; involvement of government via match-funding, guarantee funds; involvement of the traditional financial industry to reduce risks and focus on impact investors by using Green Bonds) - Global/international outlook to innovative community financing mechanisms and development schemes (e.g. Social Impact Bonds) - Other European projects (and their case studies) that targeted alternative finance (PRODESA, CROWDFUNDRES, ALTFINANTOR)
D1.1 International review of public perception studiesLink with the Task 1.1 As a first step, a review of literature on public acceptance of geothermal energy projects (deep/shallow) and connected socio-psychological barriers and constraints will be applied. This task investigates mindsets of involved stakeholders, their risk evaluation and further acceptance factors. Further it’ll take into account existing experiences in similar renewable energy projects as wind and bioenergy, power lines or hydropower. To understand and foresee possible public fears and concerns regarding deep drilling, studies examining public reactions to fracking projects will also be analyzed.
Regulative framework review for community-based financing of geothermal energy in EuropeLink with the task 2.2 Review regional, national (including cross-border) and EU-level restrictions on attracting funding from public into geothermal projects (crowdfunding regulations on national and European level with relevance to the proposed CROWDTHERMAL schemes).
Alternative finance risks’ mitigation toolsLink with the task 3.2 Possible mitigation strategies like possible size limit of projects, contingency planning, trust funds etc. will be assessed. Options to secure PPAs and country/permit risks will also be considered. We will give recommendations on how to incorporate the identified alternative finance risks’s mitigation tools in the new risk mitigation scheme to be designed within CROWDTHERMAL.
Social Licence to Operate for geothermal energyLink with the task 1.5 The general aim for a geothermal SLO will be to further reduce the risks of public criticism and social conflicts, and, in general provide a universally accepted social acceptance/geoethics framework for the different types of geothermal investment projects. This will result in 1.) more transparency, 2.) reduced investment risk ,3.) more versatile and easier engagement for crowdfunding. The SLO framework developed for CROWDTHERMAL will consider contemporary discussions concerning all stages of geothermal development from exploration to planning and building, and from operations to closure. This will be done according to various levels of strength in social licence ‘contracts’. At the lowest level of SLO the relationship between the community or a network of stakeholders and the operation is one of acceptance only. A higher level of SLO is represented when the stakeholder explicitly approves of and encourages the continuation of the activity. The highest level is characterised by a community perceiving the operation to be integral to their communal identity and values and therefore feel invested in the outcomes of the operation (psychological identification).
Final evaluation and conclusionsLink with the task 55Based on the assessment of feedbacks collected careful extrapolations will be made about the longerterm potentials for community based geothermal development as well as the impact of this on the local communities and the larger society and Europe both in terms of economics and social impacts such as the expected contribution to the democratisation of energy
Guidelines for public engagementLink with the task 1.4 Guidelines for measures concerning public acceptance, community funding and policy taking into account differences between geothermal projects in different regions, contexts and circumstances, as reviewed earlier. This sub-task will mobilise collective expertise from the entire consortium via internal circulars and workshops. The results will improve future project planning, communication between stakeholders and possibilities of community funding and will also be delivered to WP4 & 5.
Alternative finance risk inventoryLin with the task 3.2 Lessons learned from other risk mitigation facilities. One example is the difficulty of project developers to supply the remaining part of drilling costs that are not funded by a risk mitigation scheme. Here, alternative financing like crowdfunding could help to provide the necessary venture capital.
Financiers' and Investors' tool for Play Type independent geothermal exploration risk mitigation schemeLink with the task 44 and subtask 444The identification of possible strategic investors financially strong enough to provide sufficient equity for geothermal project development eg from the oil and gas or energy industry preparing for converting their portfolio to renewable energy and will inform them on the proposed new mechanism
Synthesis of environmental factorsLink with the task 1.2 This Review will result in a unique global report in the intersection of public engagement and environmental issues, and how this affected the financing and implementation of geothermal projects in the past.
Report on the European Deployment CampaignLink with the task 64This will be conducted during the final year of the project aiming to support sustainability after the ECfunded period by creating additional visibility for the financial tools and market uptake services developed by CROWDTHERMAL Based on experience with the organisation of similar largescale campaigns the mobilisation of volunteers and young people across the EU will be important for success
Guidelines for developers and promoters of geothermal energyLink with the task 4.2 Decision Tree algorithm and a corresponding information base that can be used by the promoters of future geothermal projects to select the most efficient social engagement strategy and financial & risk mitigation instruments for a wide range of scenarios in Europe
Final report on the CROWDTHERMAL Core ServicesLink with the task 44 subtask 447The number of Core Services may increase during the implementation of the project as a result of interaction with Stakeholders and the Advisory Board The aim is to facilitate market uptake and ensure sustainability of CROWDTHERMAL after the ECfunded period All partners will be involved in the discussions concerning useful services market uptake and sustainability of results
RecommendationsLink with the task 410Recommendations at EU level will be developed as suggestions for topdown measures for further public engagement and enhanced synergies with existing EC policies and strategies
Interim Evaluation of Case studiesLink with the task 5.5 The aim is to derive metrics and use quantitative descriptors to carry out a detailed analysis within and across the case studies regarding differences in financing solutions, visions, interests, motives and needs. This will be carried out across countries, regions and actors and a range of geothermal technologies whilst taking historical, cultural, political as well as social and cultural differences into account. In addition, actual real-life barriers and constraints in terms of community engagement for finance will be identified and changes of perceptions (both actual and anticipated) during project life cycles will be evaluated. Interim findings will be presented in M18 and used in the development of integrated schemes in WP4
Implementation framework for community-based geothermal developmentLink with the task 4.1 Best practices and international benchmarks and the success factors will be systematically evaluated in their particular contexts i.e. a set of boundary conditions in which public engagement & alternative financing options can perform “Good” or “Best”. This will facilitate recommendations for similar practices for EU countries/regions where the boundary conditions are identical or similar with regards to geological, environmental, socio-economical conditions but also in respect to perceptions, policies, permitting, licencing and other procedures.
New finance mechanisms for geothermal energyLink with the task 2.3 Development of new financial models will be based on the legal framework (T2.2) on a national and European level (including the new regulation for European Crowdfunding Service Providers (ECSP) for Business), but will also take into account the best practises in community based financing (T2.1). Most community-based financing models show a different approach on impact. Instead purely focusing on financial returns, the social and community impact is also included.
Economic analysis of the application of the new risk mitigation schemeLink with the task 4.4 and subtask 4.4.4 List of possible financiers of the CROWDTHERMAL risk mitigation mechanism.
Draft Structure of a Play Type independent geothermal exploration risk mitigation schemeLink with the task 3.3 Draft structure of the new scheme, elaborate on quality assurance issues and summarize advantages and challenges of the proposed scheme. Possible application options for the Case Studies (WP5) will be checked with the involvement of case study partners. The draft structure of the auxiliary risk mitigation scheme will also serve as input for the development of the actual implementation framework in WP4.
Report on Cross-cutting synergies between (alternative) finance and risk mitigationLink with the task 4.3 Core Services development and will be incorporated into the final recommendations of WP4.
Cluster analysis report: unaddressed issues in exploration risk mitigationLink with the task 3.1 The risk mitigation mechanism to be developed by CROWDTHERMAL will address a number of hurdles of geothermal project development not yet considered by all of the established schemes. Examples are the long-term operational risk of geothermal projects (i.e. the risk of decreasing energy production due to e.g. scaling or thermal break-through), concepts for transfer of ownership (e.g. to an insurer) in case of project failure, cost overruns while drilling (e.g. lost-in-hole requiring expensive side-tracks or the loss of the well, necessity to drill more wells than initially planned for envisaged thermal capacity) as well as the challenge of follow-up financing after successful drilling of the first well.
Link with the task 44 and subtask 446Social media content generator This service is meant to generate content for the social media channels using a social media dashboard for maximum coverage This will help CROWDTHERMAL maintain a continuous and solid social media presence during and after the ECfunded period driving public interest and facilitating market uptake
CROWDTHERMAL Social Media PlatformLink with the task 6.2 The web site will include all project outputs and will link with the social media tools, enabling the immediate dissemination of all the updates throughout the CROWDTHERMAL social network.
Information Catalogue for self-learningLink with the task 44 subtask 445The catalogue will allow for searching consulting and downloading the deliverables and the individual components of project deliverables as well as information produced by external parties other EC projects international initiatives etc The catalogue will contain metadata accordingly and it could be established as a distributed catalogue where all Data Providers can create and modify their own metadata
Database of geothermal projects seeking to alternative financeLink with the task 44 and subtask 442The CROWDTHERMAL project will work closely together with EFG Third Parties national Geothermal Associations and national Altfinator Hubs via CFH wwwaltfinatoreu to continuously identify and list geothermal projects seeking alternative finance
Basic project websiteLink with the task 6.2 The web site will be built by EFG using open source software
Project website based on finalised design and structureLink with the task 6.2 The web site will be built by EFG using open source software and the content management will be made by EFG with contributions from all partners. EFG will facilitate the website management process, and make sure that it is understood and accessible to all partners.
Link with the task 7.1 The CROWDTHERMAL project has a European scope and for this reason the GDPR will be implanted to protect the personal data. The implementation of the GDPR will be explain in this deliverable. The project manager will: •Provide decision making, quality control and conflict resolution mechanisms to support the project’s consortium and its evolution; •Report to the coordinator any problem concerning project execution, if it cannot be solved directly with the partners involved; •Organise meetings and workshops, prepare minutes and circulate project information; •Facilitate exchange of information between partners and provide change management in case of modifications of the project work structure and content or contract changes due to unexpected reasons; •Submit documents and technical reports. The project coordinator will: •Address problems related to project execution reported by the project manager; •Liaise with the Commission, in particular with respect to any problem arising during the project course; •Undertake all financial and administrative responsibility for the project.
Publications
Author(s):
Isabel Fernández Fuentes, Amel Barich, Christina Baisch, Balazs Bodo, Ottó Elíasson, Gioia Falcone, Georgie Friederichs, Margarita de Gregorio, Jan Hildebrand, Anastasia Ioannou, Tamas Medgyes, Tamas Miklovicz, Paloma Pérez and Marcio Tameirao Pinto
Published in:
MDPI Energies, 2022, ISSN 1996-1073
Publisher:
Multidisciplinary Digital Publishing Institute (MDPI)
DOI:
10.3390/en15218310
Author(s):
Georgie Friederichs, Ronald Kleverlaan, Christina Baisch
Published in:
European Geologist, 2022, ISSN 2294-8813
Publisher:
European Federation of Geologists
DOI:
10.5281/zenodo.7733175
Author(s):
Anastasia Ioannou, Gioia Falcone, Christina Baisch, Georgie Friederichs and Jan Hildebrand
Published in:
MDPI Energies, 2022, ISSN 1996-1073
Publisher:
Multidisciplinary Digital Publishing Institute (MDPI)
DOI:
10.3390/en16031280
Author(s):
Jan Hildebrand, Alena Jahns, Lea Schwarz and Amel Barich
Published in:
European Geologist, 2022, ISSN 2294-8813
Publisher:
European Federation of Geologists
DOI:
10.5281/zenodo.7602374
Author(s):
Amel Barich, Alicja W. Stokłosa, Jan Hildebrand, Ottó Elíasson, Tamás Medgyes, Gauthier Quinonez, Ana C. Casillas and Isabel Fernandez
Published in:
MDPI - Energies, 2022, ISSN 1996-1073
Publisher:
Multidisciplinary Digital Publishing Institute (MDPI)
DOI:
10.3390/en15010139
Author(s):
Christina Baisch, Philipp Wolpert, Georgie Friederichs
Published in:
European Geologist, 2023, ISSN 2294-8813
Publisher:
European Federation of Geologists
DOI:
10.5281/zenodo.7602267
Author(s):
Isabel Fernández, Márcio Tameirao Pinto and Tamas Miklovicz
Published in:
European Geologist Journal, 2022, ISSN 2294-8813
Publisher:
European Federation of Geologists
DOI:
10.5281/zenodo.7602365
Author(s):
Amel Barich, Alicja Stokɫosa, Jan Hildebrand, Ana Casillas, Ottó Elíasson, Tamás Medgyes, Gauthier Quinonez, Isabel Fernandez;
Published in:
2022
Publisher:
European Geothermal Congress
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