The World Bank announced the formation of a fund supporting renewable energy in developing countries, with emphasis on geothermal energy. The unveiling of the project took place during the Conference on Geothermal Energy in Reykjavik, Iceland, which covers more than one quarter of its energy needs from sources of heat energy of the earth, which hasin abundance.
The main goal of World Bank fund to be endowed with $ 500 million for projects on new geothermal facilities. In this context, heralded donor conference later this year, during which it will assess the viability of various proposals and take decisions to allocate resources.
According to studies conducted in recent years, rich geothermal fields exist in many developing countries and regions, such Eastern Africa, South Asia, Central America and the Andes. Preparing for exploitation, however, is expensive, and only the study of sustainability and cost up to 25 million dollars.
The World Bank initially invest 73 million in the development of geothermal energy in 2007, which increased to 336 million last year, representing nearly 10% of the funds earmarked for renewable energy.