International fund can bring geothermal to developing countries

Geothermal energy is clean and reliable source of energy but high upfront costs still hinder geothermal energy development in much of the globe, particularly developing countries. But perhaps things are changing for better, especially after the World Bank recently announced the creation of new international fund for geothermal development.

The financial goal of this international fund is to raise $500 million that would be used for development of new geothermal energy projects in a variety of countries. One of the most talked about areas for future geothermal energy development is Africa’s Rift Valley that is said to have an excellent geothermal energy potential of 2.5 to 6.5 GW.

Geothermal energy is far more reliable renewable source of energy as compared to solar and wind energy, because it doesn't suffer from intermittency issue meaning that geothermal energy is available 24-7.

World Bank plans to give developing countries with geothermal potential a chance to overcome high upfront costs and technical difficulties connected with new geothermal energy projects. With adequate funds and the right technology geothermal energy could provide interesting clean energy option for many of developing countries. More geothermal energy instead of coal and other fossil fuels also means less greenhouse gas emissions and thus helping the global fight against climate change.

The East Africa is just one of the areas where harnessing geothermal energy looks very promising. The other areas include Southeast Asia, Central America, and the Andes, all of which are said to have very good geothermal energy potential.

Harnessing more geothermal energy is not only positive for environment (less greenhouse gases) but also for the economy in form of new jobs associated with construction and maintenance of new geothermal power plants.