News

The Global Geothermal Development Plan (GGDP) continues to mobilize and channel international concessional financing towards expanding geothermal energy in developing countries.  Led by ESMAP, the GGDP focuses on initial test drilling, the riskiest phase of geothermal development.  Most recently, the Clean Technology Fund (CTF - part of the Climate Investment Funds) approved a total of $48 million in a financing package to support geothermal risk mitigation in Chile, to be carried out by the Inter-American Development Bank (IDB). This support is from the new window approved by CTF towards which donors pledged $115 million in October and are now considering expanding further. Read more about geothermal development and the GGDP in this Climate Investment Fund Knowledge Note, as well as in the latest issue of the IFC's Handshake magazine.