7 Mar 2013

World Bank to raise $US500m geothermal fund

3:02 pm on 7 March 2013

The World Bank has launched a fund in Reykjavik, iceland, to raise $US500 million for developing geothermal energy in developing countries.

"Geothermal energy could be a triple win for developing countries: clean, reliable, locally-produced power," said managing director Sri Mulyani Indrawati in a statement on Wednesday.

"At least 40 countries have enough geothermal potential to meet a significant proportion of their electricity demand," he said, citing Kenya and Indonesia as pioneers in developing geothermal resources.

Donors could participate in the global geothermal development plan by helping to identify viable projects and providing assistance, AAP reports.

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