The power generated utilizing the heat coming up from the subsurface of the earth is termed as geothermal power. It is used by the geothermal power plants to generate electricity. Geothermal energy is a renewable and sustainable source of energy in comparison to its conventional alternatives. A decrease in pollution by geothermal power, the ever-increasing demand for energy, cost-effectiveness, and a drastic rise in greenhouse gas emissions have driven the growth of the Global Geothermal Power Market.
The Growing Need for Geothermal Power Plants
As geothermal power plants encourage a sustainable way of development, numerous banks have come forward to provide loans to boost the growth of geothermal power plant projects. For example, a 300 million dollars loan has been provided by the Asian Development Bank (ADB) to an Indonesian company called PT Geo Dipa Energy for a geothermal power plant project. This project is anticipated to help Indonesia make efficient, reliable, and sustainable electricity irrespective of its weather conditions. In addition to that, the geothermal power plant project would aid consumers and businesses to gain access to reliable and affordable energy.
The ADB targets long-term objectives for economic growth by proper utilization of indigenous energy resources and guaranteeing environmental sustainability. Moreover, the geothermal power plant project would enable private enterprises to invest in the project to minimize early-stage development risks. Most importantly, the project has been approved despite the pandemic and will assist the Indonesian government to ensure a resilient, green, and sustainable recovery of the nation from the virus.
The United Nations Environment Programme (UNEP) and Iceland are working together to aid East-Africa financially and instruct the engineers to direct geothermal power generation. A UNEP African Rift program has been designed to expand the investments in East-Africa. The geothermal power project is expected to help overcome the energy scarcity in East-Africa. It would further help in minimizing dependency on fossil fuels and aid fuel development.
The usage of geothermal energy to generate electricity comes along with several benefits as they are independent of unfavourable weather conditions and offer high capacity factors. The advancement in technologies and increased government funding has developed an opportunity for the renewable energy industry to expand over the upcoming years.
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