Global Finance to Boost International Support for Geothermal Energy

T he World Bank has reported on efforts to implement the US$115 million Utility Scale Renewable Energy Program, which was launched in October 2013 by the Clean Technology Fund (CTF) of the Climate Investment Funds (CIF). The Program will foster private sector involvement in geothermal energy exploration and test drilling, the riskiest element of geothermal energy development.euro-symbol

The Program will support the World Bank’s Global Geothermal Development Plan (GGDP), which aims to support developing countries in scaling up investment in geothermal energy, a renewable resource that can provide stable, long-term energy but “is prohibitively expensive for most countries, and prohibitively risky for private companies,” according to Rohit Khanna, Program Manager, World Bank’s Energy Sector Management Assistance Program (ESMAP).

The World Bank notes that these barriers represent a minimum of 10% of overall project costs, with no guarantee of a return. The new Program aims to help overcome these barriers, and along with the GGDP, to facilitate a global reduction in the risk, and therefore cost, of geothermal energy development.

The Program will initially support projects in four pilot CTF countries with high geothermal potential, namely: Chile, Indonesia, Mexico and Turkey. The Program is open for additional pledges from donors to expand coverage to other countries, such as Ethiopia and Kenya.

The proposal for the new Program was developed by the World Bank’s ESMAP in collaboration with the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Inter-American Development Bank (IDB).

 

advert

A recent history of biomass. Poland and Romania

In the name of EU climate policies, deforestation is sold as a green solution. This is not happening in far […]

A Recent History of Biomass in Poland and Romania (multimedia and glossary)

In the name of EU climate policies, deforestation is sold as a green solution. This is not happening in far […]

Over 200 Indonesian community leaders speak out against palm oil for biofuels

Hundreds of Indonesian leaders of indigenous communities, farmers’ unions, smallholder organizations, human rights groups and environmental NGOs have signed an […]

PEOPLE’S CLIMATE CASE: EU taken to Court for failing to impose a robust emission reduction plan

A Carpathian shepherd together with other families from Europe and outside are taking the European Parliament and the Council of […]

A Forest Is A Levee

River Dora Riparia in Susa Valley is alpine however with particularities of plain running waters. “We are basically on a […]

Merano, A History Carved with Water

  In an unusual rain pouring cold morning Mayor Paul Rüsch, a rather non-political bonhomme, guided us through the history […]