World Bank aims to reach 28% in climate finance by 2020

By Ebru Sengul

IZMIR (AA) - The World Bank is committed to increasing the share of climate finance in its portfolio to 28 percent by 2020, Thrainn Fridriksson, World Bank energy specialist said on Monday.

During the World Bank workshop of the International Geothermal Conference (IGC), which Anadolu Agency is the global communication partner, Fridriksson said that geothermal power production could result in significant greenhouse gas (GHG) emissions.

He noted that the World Bank supports the development of Turkish geothermal sector despite in some case high greenhouse gas (GHG) emissions.

"Geothermal is a reliable, indigenous and renewable source of energy," he said, adding that a strong geothermal sector is key to expanding development to other areas of the country where lower GHG emissions are expected such as the Canakkale province.

Most geothermal potential in the country is located in Western Anatolia. Some of the top geothermal regions that host several geothermal projects are located in the Gediz graben and the Menderes graben in the Aegean region. The Menderes graben is considered the geothermal hotspot of Turkey and is a key focus of the congress.

"The continued growth of the Turkish geothermal sector depends on projects in Gediz and Menderes where GHG emissions are known to be high," according to Fridriksson.

He stressed that the Bank is closely following changes in the GHG emissions, and underlined that lending for projects where net emission reductions are not demonstrated are not counted as climate financing.

The conference, organized by the World Bank and Energy Sector Management Assistance Program (ESMAP) will run for three days starting Monday, May 22.