WEBVTT

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[SQUEAKING]

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[RUSTLING]

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[CLICKING]

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PROFESSOR: And we now
have our last speaker,

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and I believe we
start with a video.

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But she's available online.

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Is that correct?

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And I want to introduce
Hela Cheikhrouhou, who

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is the head of the Middle
East and Central Asian

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division of the IFC,
International Finance

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Corporation, and is leading
an incredible effort

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to scale geothermal networks
in her country group.

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So do we have that live?

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HELA CHEIKHROUHOU: Hello, my
name is Hela Cheikhrouhou.

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I'm the Regional Vice President
for the Middle East and Central

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Asia at the International
Finance Corporation.

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I'm excited to speak to
you about IFC's commitment

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to expand geothermal energy
networks for heating and cooling

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across the Middle East
and Central Asia regions.

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IFC is a member of
the World Bank Group

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and the largest
global development

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institution focused on the
private sector in emerging

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markets.

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Climate change is one of our
strategic pillars of action.

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We aim to drive a transition
towards a low emission

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and climate resilient
economic development

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that prioritizes people,
jobs, and sustainable growth.

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Leveraging geothermal
energy networks

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as a sustainable, efficient
solution to the growing energy

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demands in the global south
aligns with this mission.

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These are four reasons for that.

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First, geothermal energy
is reliable and scalable.

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The substantial heat
emanating from Earth's core

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to its near surface
remains largely untapped.

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It is a predictable
source of energy

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that is not weather dependent.

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Most geothermal
energy solutions are

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based on proven
technologies with long track

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record of successful
operating experience.

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It can be utilized for various
applications, including

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heating and cooling, our
focus today, but also,

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in certain instances, water
desalination and electricity

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generation if the
geology allows for it.

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Second, geothermal energy
enhances energy security.

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Because Earth's heat is not a
commodity that can be traded,

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geothermal energy offers
us a free fuel, renewable,

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with limited environmental
footprint and no emissions that

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is easy to tap to.

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This enhances energy
independence of a country

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and reduces pressure on the
balance of payment for energy.

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Third, geothermal energy
is truly renewable.

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In a world where the majority
of greenhouse gas emissions

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are from the energy sector,
this is both affordable,

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reliable, and clean, enabling
a faster energy transition.

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Emerging countries can address
their concerns about fuel price

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volatility, supply
chain disruptions

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due to geopolitical conflicts.

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And it offers a free storage
of excess heat and cold

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in the geothermal boreholes.

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Hence, it's a
baseload with storage,

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bypassing the weaknesses
of intermittent renewable

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electricity.

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Finally, strengthening
competitiveness

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by offering a reliable,
affordable, and sustainable

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energy like geothermal
allows us to make a dent

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in reducing poverty
and mitigating climate

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change at the same time.

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This energy is available 24/7
hours a day, seven days a week,

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making it essential for
economic development.

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By supporting it
through climate finance,

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we can bolster local
entrepreneurship,

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local utilities, and it is
a job-intensive solution,

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including for
transitioning workforce

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from industries that rely
on fossil fuels for heating

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and cooling into this
clean alternative.

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This is particularly relevant
for a just energy transition.

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Heating and cooling makes up
50% of global final energy

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consumption.

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Harnessing surface
geothermal energy

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with networked ground
source heat pump

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working at utility
scale offers us

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a low-cost heating
and cooling solution

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that will enhance
our energy security,

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strengthen our economic
competitiveness,

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create jobs, decrease
greenhouse gas emissions,

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hence benefiting both
economies and societies.

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The emerging markets can benefit
from strategically planning

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geothermal rollout.

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The surface
geothermal solutions,

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like the networked
ground source heat pumps,

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can be used anywhere.

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They don't have a resource risk.

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They save massively
on electricity.

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And they reduce the bills
if financed properly.

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Take Jordan, for example.

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As of 2021, almost 80%
of its energy needs

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were met through imports of
natural gas and crude oil.

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Heating and cooling consumes a
large share of its electricity,

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stressing an aging power grid.

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Conventional cooling systems
use significant water volumes

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in one of the world's most
water-stressed countries,

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Jordan.

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By moving to geothermal
energy networks,

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we can address all
of these challenges.

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There is a massive
efficiency rate

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of five times for heating
with geothermal and six times

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for cooling with geothermal.

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Scaling up utility scale
ground source heat pumps

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is a key part of IFC's
investment program

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to mitigate climate
change in the region.

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By developing this affordable
and reliable heating

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and cooling model, in
the immediate term,

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we are providing
catalytic financing

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for the preparation of
demonstration projects, which

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include the following-- first,
tailored engineering design.

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A suitable site is selected.

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The site specific
engineering design

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is developed in accordance
with the country's permitting

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and regulatory requirements.

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Second, we engage stakeholders,
including organizing study tours

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for decision makers
and implementers,

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educational programs,
and workshops

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for engineers, policymakers,
and the communities.

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Third, we address any
remaining policy gap.

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We do a comprehensive
review for the framework,

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the regulatory environment, and
the market condition for network

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geothermal system.

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We identify barriers,
opportunities, and gaps.

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And we develop actionable
policy recommendations

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to enable a timely uptake.

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Lastly, we mobilize
the capital to finance

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demonstration scale-up efforts.

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This would include blended
finance solutions and solutions

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in local currencies for the
utilities and local corporates,

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given that their revenues
will be in local currency.

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IFC is currently rolling
out demonstration projects

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in seven countries, all eager
to see projects move forward--

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Turkey, Pakistan, Jordan, and
four Central Asian nations

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of Kazakhstan, Kyrgyzstan,
Uzbekistan, and Tajikistan.

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These projects include
those previously mentioned

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for areas of support
and lay the foundation

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for a fifth-generation
district heating and cooling

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network system operated by
public or private utilities.

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All the demonstration
projects will

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be engineered using the single
pipe ambient temperature

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loop to provide space
heating and cooling

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to residential and
commercial consumers.

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Each of these projects is
designed to be for at least

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3,000 units equivalent with
a potential scale up for up

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to 30,000 units, which
is the preference of most

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of the countries to go big.

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Thank you for attending
the presentation.

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I'll be happy to
answer questions

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during the Q&A session.

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