These concessions are expected to eventually yield additional hundreds of millions of dollars in revenues.

The Chilean geothermal market is at its nascent stages, with only one major project underway, developed by Italian utility Enel.  However, other geothermal companies such as Ram Power, Magma Energy and Ormat have been looking into geothermal resources in Central and South America.

Chile, with its 4,300 mile long mountain range, provides many interesting locations for energy exploration.

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In its latest Monthly Energy Review, the EIA says renewable energy production made up over 10% of total U.S. energy production in 2009, a 5.5% increase over 2008 levels and a nearly 16% increase from 2007 levels.

Biomass contributed the most, accounting for 51% of all renewable energy production, followed by hydropower at 34.2%.  Next in line were wind, geothermal and solar power, contributing 8.9%, 4.7% and 1.2% respectively.

At this stage, renewable energy contributes almost as much as nuclear power to the nation’s energy mix.

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This work results from an 18-month combined effort with CEOs and experts, and dialogues with over 200 companies and external stakeholders in some 20 countries.

The report presents new opportunities for business in a broad range of business segments with the foresight to lead their societies on a sustainable business development agenda. Entitled Vision 2050: The new agenda for business, the report “lays out the challenges, pathway and options that business can use to create an opportunity-rich strategy, both regionally and globally, that will lead to a sustainable world,” said Dr. Mohammad A. Zaidi, Executive Vice President and Chief Technology Officer of Alcoa, who led the project as one of four co-chairs.

“The world already has the knowledge, science, technologies, skills and financial resources needed to achieve Vision 2050. However, concerted global action in the next decade will be required to bring these capabilities and resources together, putting the world on the path to sustainability,” explained WBCSD President Bjorn Stigson.

The publication outlines a future in which 9 billion people live well, enjoying health, food, shelter, energy, mobility, education and other basics of life. Syngenta CEO, Michael Mack added that “humanity has largely had an exploitative relationship with our planet; we can, and should, aim to make this a symbiotic one.” In the Vision 2050scenario, global society attains this standard of living at a sustainable rate, without further harm to biodiversity, climate and ecosystem services.

The report states that the world already has the resources to achieve Vision 2050,but there is a catch: “The radical changes highlighted in Vision 2050 demand a different perspective from business leaders, requiring them to rethink how they operate to stay on-track for a sustainable future,” added Samuel A. DiPiazza Jr., former CEO and Chairman of PricewaterhouseCoopers. This includes a radical transformation of global markets, governance and infrastructure, and a re-thinking of our ideas of growth and progress.

Vision 2050 spells out the “must haves” – the things that must happen over the coming decade to make a sustainable planetary society possible. These include incorporating the costs of externalities, starting with carbon, ecosystem services and water, into the structure of the marketplace; doubling agricultural output without increasing the amount of land or water used; halting deforestation and increasing yields from planted forests: halving carbon emissions worldwide (based on 2005 levels) by 2050 through a shift to low-carbon energy systems and improved demand-side energy efficiency, and providing universal access to low-carbon mobility.

As part of this transformation, Vision 2050 calls for a new agenda for business: to work with government and society worldwide to transform markets and competition. “Sustainability will become a key driver for all our investment decisions,” added Idar Kreutzer, CEO of Storebrand and another project co-chair. New rules for markets will reframe environmental challenges as economic challenges, driving innovation and competition in the direction of sustainability and away from resource- and energy-intensive production. Rationalizing prices to include such externalities as climate and biodiversity impacts will make corporate environmental efficiency a true competitive advantage across all industries and regions.

Business will lead market change by doing what business does best: forming partnerships, creating efficiencies and competitive advantage, seizing opportunities and meeting customer needs. At the same time, a shift toward sustainability will trigger trillions of dollars in new investments in infrastructure, technology and human services, creating new opportunities for business to thrive and grow. A recent study commissioned for this project with PricewaterhouseCoopers and released today indicates that this investment could reach US$ 3-10 trillion per annum in 2050.

Vision 2050, with its best-case scenario for sustainability and pathways for reaching it, is a tool for thought leadership, a platform for beginning the dialogue that must take place to navigate the challenging years to come. “It is hoped that the Vision 2050 work will be used for many years to come. It is designed to be a platform for companies when deliberating strategies and for dialogue with governments and society about how to realize the sustainable future,” concluded Per Sandberg, Project Director for Vision 2050.

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• Vision 2050: The new agenda for business – full report ( 2.6 MB)
• Vision 2050: The new agenda for business – summary report ( 2.4 MB)

Increased Department of Energy support for enhanced geothermal systems (EGS) technologies, and state incentive measures have gone far to support the industry.  With increased political pressure to reduce carbon emissions, advocates point to geothermal as a low-emission baseload power source – a potential replacement for dirty-burning coal.

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123 projects in 39 states will receive funding from the government as part of the Recovery Act, as well as an additional $353 million in private funding.  Energy Secretary Steven Chu says the United States is “blessed with vast geothermal energy resources” that need to be incorporated into the nation’s energy dynamic.  ”These investments in America’s technological innovation will allow us to capture more of this clean, carbon-free energy at a lower cost than ever before.”   Read the full article…

The geothermal energy sector in the United States in the midst of a major new development push, says a new report from the Geothermal Energy Association (GEA).  If all projects currently in the pipeline come to completion, the GEA says the U.S. stands to gain as much as 10GW of geothermal power, enough to satisfy the power needs of approximately 7.2 million people.   The GEA reports lists a state-by-state breakdown of new projects, as well as specifics on the potential energy they could generate.  Nevada tops the list with 64 new projects, potentially generating 3,473 MW of energy collectively.  California, Oregon, Utah and Idaho are also high on the list, with many new geothermal projects in the works.  This past May, the Department of Energy (DOE) announced $350 in new stimulus funding designed to spur development in the sector, which both the DOE and GEA call an “unprecedented” show of support for what many believe is one of the nation’s largest untapped clean energy resources.

The U.S. Department of Energy (DOE) has launched a new initiative to explore geothermal potential in oilfield drilling sites.  The DOE’s Office of Fossil Energy and Office of Energy Efficiency and Renewable Energy have joined forces to study ways of using “co-produced” water leftover from oil drilling operations to generate electricity from geothermal drilling in nearby sites.  It is estimated that for each barrel of oil produced in the U.S., ten barrels of hot water are produced as well.  This water is largely unusable for hydration purposes, but could be a valuable untapped resource for geothermal drilling activities, which require water supplies.  The DOE joint venture will conduct its research at the Rocky Mountain Oilfield Testing Center using a geothermal energy production unit from Ormat Technologies, a leading geothermal energy company.

A new report in UAE newspaper The National indicates Masdar City, the world’s first zero-carbon city being developed in Abu Dhabi, is undertaking a new geothermal energy initiative.  The government-owned Masdar development company recently awarded a $1.6 million contract to Iceland-based geothermal firm Reykjavik Geothermal to begin drilling exploratory wells in the region.  This exploration could lead to the first Middle Eastern geothermal power plant.  If successful, Masdar could satisfy up to half of its energy needs from geothermal resources.  However, securing water supplies needed for geothermal exploration and drilling could be a problem in the arid region.  As it works to complete construction of the first phase of the city, Bloomberg reports that Masdar development company is looking to raise between $300 and $600 million over seven years starting in 2010.   Because of its focus on cleantech research and development, Masdar City has been attracting interest from industry leaders and scientists all over the world.  Earlier this year, for example, the Masdar Institute of Science and Technology of Abu Dhabi became the first public member of the Massachusetts Institute of Technology Energy Initiative, solidifying a research partnership between the two institutions.