Pioneering companies have been seeking to tap underground heat sources for the last decade, while the recent entry of players such as Beach Petroleum has added credibility.
Now the government has pulled together the roundtable to begin developing a geothermal industry development framework.
Industry and Resources Minister Ian Macfarlane and Environment Minister Malcolm Turnbull hosted the meeting at Parliament house, which was attended by industry, researchers and state and federal government representatives.
Macfarlane said the roundtable marked an important step in the contribution of geothermal energy to Australia’s future.
The development framework will address a range of issues such as technology development, legislation, skills and capacity development and funding issues.
According to Turnbull, geothermal had the potential to produce base-load energy generation, unlike many other renewable energy sources.
“Large-scale geothermal plants power plants have the potential to substantially reduce Australia’s carbon dioxide emissions," he said.
"Geothermal could provide secure and reliable energy for up to 10% of Australia’s electricity consumption by 2050,” he said.
With several Australian companies making inroads into geothermal technology and some even on the verge of commercialisation, Macfarlane argued that cooperation was needed between all stakeholders.
“The success of the sector will depend on the readiness of the industry, research and government to work together,” he said.
