Sino-Icelandic Geothermal Cooperation Promotes China’s Geothermal Industry in Going Global

Abstract

Under coincidence and joint efforts, Sinopec Star and Arctic Green Energy reached an agreement on geothermal development in China and established their joint venture in 2006. After 16 years of development, the joint venture has become China’s top enterprise in middle and deep layer geothermal utilization with global reputation, promoted the growth of geothermal industry, and contributed to China’s strategic goal of “Carbon Emission Peak and Carbon Neutrality”. This paper has sorted out the joint venture’s development history, and presented a series of achievements in Sino-Icelandic geothermal cooperation such as business model, geothermal utilization technology, carbon assets calculation methodology of geothermal projects and “geothermal + clean energy integration”, etc. The development of this joint venture constitutes an excellent showcase for international cooperation on geothermal development, and is worthy of wide promotion. Under the background of 2023 World Geothermal Congress to be held in Beijing and China’s strategic goal of “Carbon Emission Peak and Carbon Neutrality”, the joint venture will continue to expand the reputation and influence of Sino-Icelandic cooperation, increase its market size, promote carbon assets transactions, and make greater contribution to the fulfillment of “Carbon Emission Peak and Carbon Neutrality”.