19 September 2014: The UN Economic Commission for Europe (UNECE) and the International Geothermal Association (IGA) have signed a memorandum of understanding (MoU), under which IGA will lead, and the UNECE oversee, the development of a globally applicable, harmonized standard for reporting geothermal resources. The implementation of such specifications will ensure greater consistency and transparency in financial reporting and enhance the management of geothermal resources.

The MoU, signed on 19 September by the heads of the two organizations, will result in geothermal energy-specific specifications for the application of the UN Framework for Fossil Energy and Mineral Reserves and Resources 2009 (UNFC-2009). The IGA will be responsible for the development and periodical review of the specifications and guidelines, while the UNECE Expert Group on Resource Classification will oversee the work.

The MoU will also result in increased exchanges between the two organizations, including through: participation by UNECE representatives in the standard’s development and IGA board meetings; and invitation of IGA representatives to the annual meetings of the UNECE Expert Group.

According to UNECE, global geothermal electricity generation capacity currently accounts for less than 0.25% of global electricity generation capacity. However, potential for the development of this resource for both heat and electricity is great, in particular in many developing countries.

Speaking at the signing, IGA President Juliet Newson stressed that “lack of clear global guidelines and standards is holding back the assessment of geothermal energy as a viable energy option at a global scale,” and assured that “having an international system and a standardized terminology for reporting geothermal resources will help build the trust and understanding of the geothermal industry with investors, regulators and the general public alike.”

The UNFC is developed by the UNECE Expert Group on Resource Classification, and its application to renewable energy resources is undertaken by a dedicated Task Force of the Expert Group. Having developed generic specifications for the application of UNFC to renewables, the Task Force is now focusing on renewable commodity-specific specifications. The IGA, founded in 1988, is a scientific, educational and cultural organization with over 5,200 members in over 60 countries aiming to encourage research, development and use of geothermal resources worldwide. [UNECE Press Release] [UNECE IGA MoU] [UNECE Annex on Installed Geothermal Generating Capacity] [UNFC-2009]