World Bank to Raise $500 Million for Geothermal Energy Investment in Developing Countries

by Lidija Grozdanic, 03/07/13
filed under: Green Resources, News, Renewable Energy

The World Bank launched a fund on Wednesday to expand renewable energy generation in developing countries with a substantial investment in geothermal power. The Global Geothermal Development Plan (GGDP) will provide assistance and support in bringing geothermal energy-a currently underutilized resource-into the mainstream as a clean, cheap and reliable source of locally-produced power. The fund was launched at the Geothermal Conference in Reykjavik, Iceland, a nation in which around 26.2% of energy is supplied by geothermal sources.

According to surface exploration studies conducted throughout the world, many developing countries are rich in geothermal resources, including areas of East Africa, South Asia, Central America and the Andean region. However, tapping into these resources can require hefty initial expenses, with risky test drillings used to determine the viability of a given geothermal stream. The viability assessment of a single stream can cost up to $25 million—an investment which is lost if it turns out the site has no geothermal potential.

Read more: World Bank to Raise $500 Million for Geothermal Energy Investment in Developing Countries | Inhabitat – Sustainable Design Innovation, Eco Architecture, Green Building

Read more: World Bank to Raise $500 Million for Geothermal Energy Investment in Developing Countries | Inhabitat – Sustainable Design Innovation, Eco Architecture, Green Building.

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