ADB strategy spurs geothermal funding

The Asian Development Bank (ADB) reported that the de-risking strategy for geothermal technologies in the Philippines is attracting investor interest.

- By GABRIELL CHRISTEL GALANG

In a briefing, Pavit Ramachandran, ADB Country Director for the Philippines, noted that despite potential challenges, stakeholders are already considering studies related to the de-risking initiative.

"Even now that the Philippines announced that it is working on the de-risking strategy... We can see increased interest already in investors who are looking into exploration, and that’s very positive," he told reporters.

The geothermal de-risking facility, a partnership between the ADB and the Land Bank of the Philippines, aims to mitigate financial risks associated with early-stage geothermal exploration and encourage private sector participation in renewable energy development.