![]() A global scale-up of geothermal energy will require major mobilization of private sector investments facilitated by risk mitigation mechanisms that include using concessional funding from public resources, climate finance and guarantees. Global experience shows that risk mitigation, especially during the initial exploratory phase, can effectively unlock investment. Being a cleaner source of electricity, geothermal energy can also play a major role in decarbonizing the power sector.ĭespite this potential, high upfront costs for the initial exploration stage and the risk of unsuccessful exploration continue to be barriers for making use of this natural resource on a large scale. Under the right conditions, it can be cost-competitive with coal or natural gas, which means countries can depend less on imported fuels and increase their energy security. Geothermal energy is one of the few renewable sources of energy able to produce steady power on a 24-hour basis. ![]() ![]() Tapping into pockets of hot water or steam below the Earth’s crust is increasingly being used as an affordable and sustainable alternative to fossil fuels. ![]()
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