Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

$500 Million For Geothermal Development (World Bank Project)

The World Bank just announced they are creating a new fund for international geothermal development. Their goal is to raise $500 million for new geothermal projects in a variety of countries. This initiative was spoken about at the Iceland Geothermal Conference in Iceland by Managing Director Sri Mulyani Indrawati. “Geothermal energy could be a triple win for developing countries: clean, reliable, locally-produced power.  And once it is up and running, it is cheap and virtually endless.Two of those goals are universal access to modern energy services, and doubling the world’s proportion of renewable energy,” explained Indrawati. (Source: World Bank)

Worker_in_Olkaria_KenyaThe World Bank and Iceland are already collaborating on potential development in Africa’s Rift Valley, a well-known geothermal hotspot. This area has been said by the United Nations Environment Program (UNEP) to have 2.5 to 6.5 GW of geothermal potential. Once operational, geothermal tends to be quite stable and long-lasting. The reliability and durability of geothermal energy could be quite a boon to developing countries that currently have economies tied to fluctuating oil prices. If they import a significant amount of oil, and some do, they are sending too much money out of country, so their own economic viability suffers. Clean, renewable, reliable domestic energy sources could help them grow and stabilize their economies.

The World Bank geothermal plan is intended to help overcome technical, financial, workforce and political barriers for developing countries with geothermal potential, and there are at least forty of these nations. Their geothermal resources are large enough that a significant amount of their electricity could be generated by this clean source, but they currently don’t have the ability to move assertively forward with such development.

One area the World Bank plan intends to help with is the initial drilling to determine the viability of a geothermal stream. This exploratory phase can cost millions of dollars and require a technical skillset and administration that is beyond some local capacities. Southeast Asia, Central America, and the Andes are areas with good geothermal resources, in addition to East Africa. If such regional geothermal installations are begun and completed, they obviously would create jobs both in the construction and operation, and would employ some local people.

Image Credit: Lydur Skulason, Wiki Commons

 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
 

Written By

Hello, I have been writing online for some time, and enjoy the outdoors. If you like, you can follow me on Twitter: https://twitter.com/JakeRsol

Comments

You May Also Like

Clean Power

Today, the EU is investing over €1.8 billion in 17 large-scale innovative cleantech projects with a third round of awards under the Innovation Fund....

Cars

Welcome to the 8th Annual Top 10 EV Countries List! By Assaf Oron Sigh. Nowadays there’s always chance for breaking bad news to overshadow...

Cars

There are now 15 European countries that have 15% or more of new-car buyers buying plugin electric cars (full electric cars or plugin hybrids)....

Clean Power

NREL Geoscientist Champions Geothermal as Renewable and Resilient Heat and Power Source

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.