The World Bank has released a new report, ‘Opportunities and challenges for scaling-up geothermal development in LAC’ exploring the role and growth of geothermal power in Latin America and the Caribbean. The report aims to support decision-makers in the region and provide information to facilitate the expansion of geothermal development.
The role of geothermal power can play a substantial role in meeting the energy demands of countries across the region.
The report also finds that geothermal power remains under-utilised not only in Central America and Mexico, where development is underway and growing, but also in the Caribbean and South America. The report found that “fifteen percent or less of LAC‘s estimated geothermal resource potential is currently exploited to produce power”.
Due to the nature of geothermal power, this resource could meet an important share of the base load power needs of many countries in the region.
The report also focuses on the vast potential of geothermal in the region, and discusses the possible benefits of investing and developing in geothermal power in terms of energy security, social and environmental benefits, and competitive costs.