World Bank's efforts to promote geothermal power

The World Bank recently announced that it will work hard to promote the utilization of geothermal resources that have not been fully utilized in developing countries and expand the use of renewable energy for power generation.

At the Icelandic geothermal conference held in Reykjavik, Iceland, the World Bank’s Deputy Executive Bank Ying Zhuohua appealed to all donors, multilateral banks, governments, and the private sector to participate in the Global Geothermal Development Plan (GGDP). Better manage and reduce the risk of exploration drilling, bring a renewable energy source that is currently at the periphery into the mainstream, and provide power for millions of people. Currently, the World Bank and Iceland have already supported surface exploration studies under the Geothermal Compact and have provided technical assistance to some countries in the African Rift Valley.

It is reported that many developing countries have concentrated areas including East Asia, Southeast Asia, Central America, and the Andean region with abundant geothermal resources. At least 40 countries have enough geothermal potential to meet a large part of their electricity needs. The initial goal of the Global Geothermal Development Plan is to raise 500 million U.S. dollars. Donors can participate in this project by helping to identify feasible projects and through existing channels such as bilateral aid and climate investment** (CIF) or the Global Environment** (GEF). plan. The Global Geothermal Development Plan will be managed by the World Bank's Energy Sector Management Assistance Program (ESMAP).