Geothermal Development gets a $500 Million boost

geothermal-developmentIt seems that the development of geothermal is getting a $500 Million boost by the World Bank. The World Bank announced they are creating a new fund for international geothermal development. Their goal is to raise $500 million for new geothermal projects in a variety of countries.

Geothermal is especially interesting for developing countries as it provides a clean, reliable, and locally produced power source to replace fossil fuel plants. Next to that, once it is up and running, it is cheap and virtually endless. Two of those goals are universal access to modern energy services, and doubling the world’s proportion of renewable energy.

Source: World Bank