News
- The World Bank’s Global Geothermal Development Plan has mobilized $235 million for early-stage investment in geothermal energy projects in developing countries.
- Projects have been identified and are under preparation in eleven countries.
- With increased investment, geothermal energy could play a significant role in meeting electricity demand in East Africa, Southeast Asia, parts of Latin America and the Caribbean, and other regions.
Since launching a year and a half ago, the Global Geothermal Development Plan, a multi-donor initiative led by the World Bank’s Energy Sector Management Assistance Program (ESMAP) has mobilized $235 million through the Clean Technology Fund towards scaling up geothermal energy in developing countries.
Eleven projects have been identified and are now under preparation in Africa, Latin America and the Caribbean, Eastern Europe and Central Asia, and East Asia and the Pacific. The Global Geothermal Development Plan brings together development partners to address one of the key barriers to the expansion of geothermal in developing countries: limited capacity and capital available for early-stage exploration – a phase that is costly and during which a developer’s equity can be locked in for many years with uncertain returns.