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countries have the largest pipeline of geothermal projects and the largest amount of recently installed geothermal power plant capacity.132 As noted previously, U.S. firms like Chevron, Schlumberger, and Halliburton are actively involved in foreign markets and contributing to U.S. exports of geothermal energy services. While comprehensive published data on trade in geothermal energy services are unavailable, evidence suggests that it is common for multinational companies that are engaged in geothermal services trade to set up affiliates abroad to facilitate access to the market.133 Investment Global investment in geothermal energy grew from $1.4 billion in 2007 to $2.9 billion in 2011.134 Of this, $1.8 billion went to developed countries and $1.1 billion to developing countries.135 Development banks represent a major source of investment in new geothermal projects, particularly in developing or emerging markets that have potential geothermal energy sources.136 One significant source of funding for geothermal power in emerging markets is the World Bank. Between 2007 and 2012, the World Bank lent $1.1 billion for geothermal energy projects, with annual funding growing from $73 million to $336 million over the period.137 Much of this funding is directed toward purchases of geothermal services. As noted above, geothermal energy, unlike other sources of renewable energy, requires a substantial and risky exploration and drilling process to confirm the extent of the usable resource, and many private sector firms are not able to bear that risk. In order to attract more funding to project development, in 2013 the World Bank announced the Global Geothermal Development Plan (GGDP), a $500 million geothermal investment fund focused on funding exploration and drilling in emerging markets. This new initiative expands on previous efforts by its global scope and its focus on test drilling. It will identify promising sites and leverage financing for exploratory drilling, to enable development of commercially viable projects. The initial effort will work to mobilize $500 million from donors, who can contribute through bilateral aid or through such existing World Bank programs as the Climate Investment Funds (CIFs) or the Global Environment Facility (GEF). The GGDP will be managed by the World Bank’s long-standing Energy Sector Management Assistance Program (ESMAP). Donors will also be able to contribute by identifying viable projects.138 Trade Barriers Important emerging markets such as Indonesia and the Philippines are, to varying degrees, considered to be fairly open to foreign geothermal energy development companies entering their countries. For example, Indonesia permits foreign geothermal energy development companies to own 95 percent of the project, with 5 percent of equity required to be owned by an Indonesian firm. Under the 2009 Electricity Law, Indonesia 132 USITC staff analysis of BNEF data. 133 Industry observer, interview by USITC staff, Washington, DC, December 19, 2012. 134 FS and UNEP, Global Trends in Renewable Energy Investment 2012, 2012, 15. 135 Ibid., 21. 136 BNEF, “East Africa in Global Geothermal,” 2012. 137 World Bank, “Full Steam Ahead,” March 6, 2013. This figure includes direct lending and loan guarantees from the International Finance Corporation, the International Bank for Reconstruction and Development, the International Development Association, and the Multilateral Investment Guarantee Agency. “Renewable Energy,” World Bank website, n.d. 138 World Bank, “Full Steam Ahead,” March 6, 2013. 5-34PDF Image | Renewable Energy and Related Services: Recent Developments
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