Opportunities and Challenges for Scaling Up Geothermal Development in Latin America and the Caribbean
Geothermal energy can play a substantial role in meeting the energy needs of many Latin America and Caribbean Region (LAC) countries given the region’s vast potential. The majority of geothermal resources in the LAC region remain largely untapped,...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/173681539626591426/Opportunities-and-Challenges-for-Scaling-up-Geothermal-Development-in-Latin-America-and-Caribbean-Region http://hdl.handle.net/10986/30895 |
| Summary: | Geothermal energy can play a substantial
role in meeting the energy needs of many Latin America and
Caribbean Region (LAC) countries given the region’s vast
potential. The majority of geothermal resources in the LAC
region remain largely untapped, not only in Central America
and Mexico where development is more advanced, but also in
the Caribbean and in South America. If further explored and
developed in a sustainable fashion, these resources could
meet a significant share of the base load power needs of the
region, at a competitive cost, resulting in direct economic
and environmental benefits. This report is envisioned to be
a decision-makers’ guide for assessing key challenges and
measures to facilitate expanding geothermal development in
LAC. Based on discussions with LAC policymakers, utilities,
and developers, several cross-cutting challenges affecting
most countries in the region were identified, including: i)
addressing geothermal resource risks; ii) mobilizing
financing for geothermal development; iii) policy, legal,
and regulatory reforms to improve the investment climate;
and iv) environmental and social considerations. Based on
the World Bank’s own extensive experience in the geothermal
sector and drawing upon global and regional experience, this
report then presents demonstrated solutions to addressing
these key challenges. It showcases an array of measures from
around the world that clients in LAC can customize for
application in their own domestic markets. |
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