The World Bank has recently taken a significant step forward in promoting the use of underutilized geothermal resources in developing nations, aiming to boost renewable energy production and reduce reliance on fossil fuels. This initiative was highlighted at the Icelandic Geothermal Conference in Reykjavik, where Deputy Executive Director Ying Zhuohua called for increased collaboration among donors, multilateral institutions, governments, and private investors to support the Global Geothermal Development Plan (GGDP).
The plan focuses on reducing the risks associated with geothermal exploration and drilling, making this clean energy source more accessible and viable for communities that currently lack reliable electricity. The World Bank and Iceland have already partnered on surface exploration studies through the Geothermal Compact, offering technical support to several countries in the African Rift Valley. These efforts are expected to unlock new energy sources and bring sustainable power to millions.
Geothermal energy is particularly abundant in regions such as East Asia, Southeast Asia, Central America, and the Andean region. At least 40 countries have the potential to meet a significant portion of their electricity needs through geothermal power. The initial funding goal for the GGDP is $500 million, with donors encouraged to contribute through existing programs like bilateral aid, the Climate Investment Funds (CIF), and the Global Environment Facility (GEF). The project will be overseen by the World Bank’s Energy Sector Management Assistance Program (ESMAP), ensuring efficient and effective implementation.
By investing in geothermal energy, the World Bank is not only supporting climate goals but also fostering economic growth and energy independence in some of the world's most vulnerable regions.Cleaning Brush,Electric Cleaning Brush,Car Cleaning Brush,Cleaning Brush Automatic
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