World Bank to raise $500 mn for geothermal energy

March 6, 2013
A geothermal energy plant taps deep underground heat from the southern San Andreas Fault rift zone near the Salton Sea on July 5, 2011 near Calipatria, California. The World Bank launched a fund in Reykjavik on Wednesday to come up with $500 million for developing geothermal energy in developing countries.

The World Bank launched a fund in Reykjavik on Wednesday to come up with $500 million for developing geothermal energy in developing countries.

"Geothermal energy could be a triple win for developing countries: clean, reliable, locally produced power," Managing Director Sri Mulyani Indrawati said in a statement.

"At least forty countries have enough geothermal potential to meet a significant proportion of their ," the bank said, citing Kenya and Indonesia as pioneers in developing .

Donors could participate in the Global Geothermal Development Plan by helping to identify viable projects and providing assistance, it said.

The World Bank said it would convene a donors conference on the plan later this year.

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