The IGA has discussions with many players around the world on the demand for utilising geothermal for low-carbon solutions. Often these projects are small-scale and have a local touch which acts as a barrier to attract funding.
The IGA and partners are launching an Impact Fund initiative where we are targeting portfolios of these small-scale geothermal direct use (GDU) projects. Identification of existing GDU projects is ongoing, and a global geothermal atlas will be produced before year end.
We also focus on producing an investment manual which supports an assessment structure with clear KPIs. As this a new venture, we are keen to get your thoughts and ideas. Share your experience!
Partnerships drive Progress: cities are crucial to deliver on net zero. Billions of people are living in cities and the future megatrends show that cities will be even larger in the coming decades. In cities 50 to 80% of the energy consumption is for heating and cooling, which is 90% based on fossil-fuels. Certain cities have pioneered #Geothermal to transform their fossil fuel dependency into renewable reliability for heating and cooling solutions. Such pioneering cities are Munich, Paris, Budapest and Beijing. Geneva has recently embarked on a clear #cleanheat strategy. Many Cities are following and taking serious steps to transform their heating and cooling systems. We are here to connect, share best practices and create partnerships between cities: experiencing geothermal is one thing, acting on it is another.
Sustainable global growth for geothermal. The IGA and its members are committed to netzero. We believe that data is crucial for achieving our own netzero goal: what gets measured gets done. Therefore we have embarked on a journey on developing a sustainability toolbox. The first important tool in our toolbox is the Geothermal Sustainability Assessment Protocol . The Protocol was handed over by Iceland to the IGA at WGC2020 in Reykjavik. We are now looking at several pilot sites across our asset base to demonstrate its principles and collect data that help underpin our global story of sustainability. Geothermal is low-carbon, has a small environmental footprint and empowers communities. Training of consultants by accredited assessor Joerg Hartman is scheduled in several places: the first pioneering countries we will be offering training in close cooperation with the World Bank is in Costa Rica (ICE), Africa (Djibouti, ARGeo-C9) and Indonesia.
Large-scale Geothermal Power and Heat Projects received over half a billion US dollar investment in 2020. Geothermal Direct Use projects on the other hand raised not even half of that in 2020. This can be explained by the so-called investment gap as typical geothermal direct use projects have smaller sized tickets and are generally seen as unbankable by mainstream investors. The IGA earmarks the investment gap as a critical barrier to growth and hence has announced a major workstream around raising funds for an aggregated portfolio of small-scale direct use projects. Target countries are for the moment Central America and Caribbean. Target projects are developed within process industry, fish farming and greenhouse development.
For more information: contact email@example.com
50 Million US before the World Geothermal Congress 2023 (WGC2023)
World Geothermal Congress 2023
The World Geothermal Congress takes place in Beijing, China between 17 and 21 April 2023. Jointly with our host, SINOPEC Star and Arctic Green, we will ensure a premier, global event for the geothermal community. Our top notch technical programme will see 1000 sessions, spread over 50 topics in the 5 days of the event. In addition, we will convene investors, policy makers, pioneering cities and media writers to tackle the most important target of this #geothermal decade: ensuring global geothermal growth.
About the WGC2023: https://www.lovegeothermal.org/wgc2023/