Evaluating the cost of environmental impact due to geothermal utilization

Project ID: 11-04-002
Project Coordination:  HÍ
Name of Coordinator:  Brynhildur Davíðsdóttir
Other Partners: Reykjavik Energy
 Portland State Unversity
Duration: 3 years
Total Project cost:  40.908.000 ISK
GEORG Funding: 18.450.000 ISK
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Project Abstract

The goal of the study is to develop and test a methodology that can be used to conduct an economic valuation of the environmental costs of geothermal utilisation.   First this project will review the different environmental impacts of geothermal utilization and reveal why economic evaluation of environmental impacts is important.  Second, the theoretical framework is constructed for assessing the environmental costs associated with utilization of geothermal power and different evaluation methods are reviewed illustrating the best applicable methods in the case of geothermal utilization.  Finally the project will provide a pilot economic evaluation study on the environmental impact of geothermal utilization at two locations in Iceland. This research will create domestic expertise on how to assess the economic value of geothermal utilization and will further Iceland´s status as a leader in securing sustainable energy development, in particular sustainable geothermal utilisation.

Project in progress until 2017