Promoting Geothermal Development
Date
Jul 2014
The IDB can provide access within the Latin American and Caribbeanregion to sources of international climate finance, such as the Global
Environment Facility (GEF), the Nordic Development Fund and the Climate
Investment Funds (CIFs). Also, by partnering with other donors and organizations, it can leverage funding and combine efforts in the most efficient manner, supporting both public entities as well as private developers. For example, since 2012 the IDB has been making a joint effort with Japan International Cooperation (JICA) in the promotion of geothermal development under the Co-finance for Renewable Energy and Energy Efficiency (CORE) framework . Currently, the IDB is supporting efforts of international donors to create a Geothermal Development Facility for Latin America. The IDB is further supporting its borrowers through the provision of advisory services to strengthen and complement the line of financing products. By enabling a thorough understanding of the technology alternatives, and a strong institutional capacity within an investor friendly regulatory framework, IDB services may contribute to unlocking the potential of this proven technology.