International support for geothermal energy in developing countries took a leap forward on October 28, 2013 when the Clean Technology Fund (CTF), a program of the Climate Investment Funds (CIF), approved $115 million for the Utility Scale Renewable Energy Program. This program will initially focus on facilitating private sector engagement in geothermal resource validation through test drilling – the first, and riskiest, step in geothermal energy development.
The proposal for the program was developed by the World Bank’s Energy Sector Management Assistance Program (ESMAP) in collaboration with the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Inter-American Development Bank (IDB)—all implementing partners of the $7.6 billion CIF, catalyzing clean technology and climate resilience investments in 48 developing and middle income countries worldwide
