Geothermal energy holds tremendous long-term promise for reducing emissions in our warming world. But a site’s potential is not known until a fairly large investment is committed upfront for exploration, which may reveal inadequate resources and prove to be a poor return on investment. Most private investors and developers are not willing to take the risk. ESMAP’s GGDP is breaking down barriers to geothermal energy expansion by mobilizing financing to share the risks of investments in early-stage drilling.
The GGDP has been one of the World Bank’s most important tools for unlocking investment in this area and working to expand markets in countries around the world.