The World Bank's Trust Fund Committee of the Clean Technology Fund (CTF) has approved a USD 400 million in funding to Indonesia for the purpose of developing geothermal energy technology and resources in this country. The effort will significantly contribute to Indonesia's plan of achieving 26% greenhouse gas emission reduction by 2020.

The development plan will use co-financing from multilateral clean tech funds to expand and accelerate large-scale geothermal development. An additional USD 2.7 billion is lined up to be mobilized when the time comes, from a range of other financing sources.

Indonesia is not the only country to receive funding for renewable energy development. Colombia, Kazakhstan and Ukraine will also receive funding – USD 150 million, USD 200 million and USD 350 million, respectively.

[source: World Bank]