The alliance, which consists of thirty-six countries, was founded in 2014 for the sole purpose of introducing the world to more clean fuel alternatives to coal, gas and oil. The Alliance is sure that its members are seeking to overcome “political uncertainty” regarding the geothermal alternative and will work to strengthen the industry’s skills base.
Geothermal is at a three to four percent per year growth rate which provides roughly 12 gigawatts of electricity annually. With the climate talks that occurred at the UN in Le Bourget being aimed at increasing the tripling of geothermal-derived heat by 2030 AND the sixfold increase in the geothermal electricity production, it is still just a fraction of the overall potential. With the number of countries that actually use the geothermal resource being one-quarter of the potential (24 out of 90), there is much room for growth and the opportunity to learn about a new, sustainable resource.
The Alliance was created in September, 2014 at the summit organized by UN secretary General Ban Ki-moon. Some Alliance members currently include countries that are naturally thermal “hotspots”, such as Africa, Southeast Asia and Latin America – with a broad range from Tanzania to Malaysia to Kenya, Guatemala and even the Philippines. The process if drilling into hot rock to use the heated water to generate electricity is obviously suited well for specific parts of the world more than others. Although it may seem destructive, in a sense, it is ultimately sustainable with a limitless power source.
The Alliance said, “Geothermal energy development particularly in developing countries, faces important challenges. Due to risks related to geological drilling during the exploration phase, along with the associated costs, financing the early stage of the process is limited to investors that understand and accept the possible associated risks.”