Iceland Scene of Major Global Geothermal Scale-up Plan
The World Bank announced in March 2013 in Reykjavík, Iceland, a major international effort to expand renewable power generation in developing countries by tapping an underutilized resource: geothermal energy.
World Bank Managing Director Sri Mulyani Indrawati called on donors, multilateral banks, governments and the private sector to join a Global Geothermal Development Plan (GGDP) to better manage and reduce risks of exploratory drilling to bring what is now a marginal renewable energy source into the mainstream and deliver power to millions.
“Geothermal energy could be a triple win for developing countries: clean, reliable, locally produced power. And once it is up and running, it is cheap and virtually endless,” said Sri Mulyani Indrawati.
Sri Mulyani launched the plan at the Iceland Geothermal Conference in Reykjavík. Already, the World Bank and Iceland are working together under a “Geothermal Compact” to support surface exploration studies and technical assistance for countries where Africa’s Rift Valley is located.
Many developing world regions are rich in geothermal resources, including East Africa, Southeast Asia, Central America, and the Andean region. At least 40 countries have enough geothermal potential to meet a significant proportion of their electricity demand.
Iceland is an island and a European country in the North Atlantic 1,474 kilometres to the West of Norway on the continent of Europe. It has substantial geothermal resources.