Iceland Backs Global Geothermal Initiative (Renewable Energy World Magazine)
Iceland's Ministry for Foreign Affairs has announced the nation's collaboration with the World Bank in the development of a Global Geothermal Development Plan (PDF). The initiative, which could amount to US$500 million, will offer financing for geothermal feasibility assessments and test drilling, and will be the largest to date for promoting the use of geothermal energy in developing countries.
An agreement to co-finance the first phase of the project was signed in November 2012 between the Nordic Development Fund (NDF) and Iceland. The Icelandic government and the Fund will each contribute €5 million to the project over a five-year period.
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