Geothermal Energy Partnership
Conservation Foundation participates in a World Resources Institute P4G* grant to help make investment in clean geothermal energy less risky.
As part of our commitment to supporting the UN Sustainable Development Goals, we are delighted to provide administrative support to this important GeoFutures project. The project will generate tools to stimulate green energy by improving the risks of investing in and developing geothermal as a clean, renewable energy source.
Geothermal energy has the potential to contribute to addressing climate change and conserving threatened natural resources. Countries such as Ethiopia and Kenya have enormous and yet untapped geothermal resources but their populations still largely rely on wood for fuel, which causes deforestation.
There is a growing demand for affordable, clean energy, but the high risk and high capital costs associated with developing geothermal act as a significant investment barrier.
We first worked with the insurance industry in 1986 to support a publication entitled Healthier Profits – Success and the Green Factor. At the time, the insurance sector was developing products to assist companies with the risks and liabilities associated with non-accidental, long term pollution and damage to the environment. Now 30 years later, the industry is focusing on developing breakthrough insurance solutions in support of the United Nation’s Sustainable Development Goals.
Parhelion Underwriting Limited, the UK-based energy and climate risk insurance and advisory group, has been awarded a *P4G (the Partnering for Green Growth and Global Goals 2030 Initiative which is hosted by the World Resources Institute https://p4gpartnerships.org/content/what-p4g-partnership) scale-up grant and partnership from the national Danish P4G platform. P4G grants accelerate, fund, and recognize innovative public-private partnerships driving green growth.
Through a partnership with various businesses, governments, and environmental foundations, Parhelion created GeoFutures GreenInvest to mobilise insurance underwriting capital to de-risk sustainable investment opportunities. GeoFutures is an investment fund to de-risk geothermal projects in east Africa through innovative insurance solutions. The grant of up to USD 852,000 will enable Parhelion to progress the fund.