A coalition of 38 countries and over 20 development and industry partners launched the Global Geothermal Alliance at COP21 Initiative with the aim of boosting electricity generation from geothermal resources, International Renewable Energy Agency (IRENA) announced on Tuesday.
According to the announcement, the initiative, facilitated by IRENA and launched at the high-level event at the UN Climate Change Conference in Paris (COP21), the Global Geothermal Alliance aims to generate a 500 percent increase in power generation through geothermal resources and a 200 percent increase in heating by 2030.
Adnan Z. Amin, director-general of IRENA said in the statement that geothermal energy has proven its potential to be part of both the global climate and energy action agenda.
"While geothermal can provide base load power at some of the lowest costs for any power source, it remains under-developed. The Global Geothermal Alliance will provide a platform for partners to share best practices, further reduce costs and get the most benefit out of this sustainable energy resource," he added.
Nearly 90 countries have potential for geothermal energy resource development; however, just 13 gigawatts of installed capacity exist worldwide. Although a proven technology, the main obstacle for geothermal power investment and development has historically been the high upfront costs of surface geophysical studies and drilling to explore for geothermal resources.
But once a geothermal project is in operation, it can generate electricity at a low cost.
"The Alliance aims to overcome these barriers by mitigating risks, promoting technological cooperation, coordinating regional and national initiatives and facilitating geothermal energy investments into energy markets," according to the statement.
By Gulsen Cagatay