Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, what plans his Department has to develop risk mitigation schemes for early-stage deep geothermal heat and power projects in line with international best practice.

The Government recognises that risk mitigation schemes have helped develop the geothermal industry in some parts of Europe. It is considered premature to introduce a dedicated risk mitigation scheme at this time, given the current stage of development in the UK, associated costs, and funding priorities.

This conclusion was informed by discussions on the role that these mechanisms fulfil in encouraging deep geothermal investment. Experts, including those from France and the International Energy Agency were consulted. We continue to monitor and engage with the market and experts.