Ancient Worldwide Communities have used geothermal energy since time immemorial as a source for heating and its healing properties. With modernization, industrialization and advancement in science and technology, the geothermal electric power generation was, invented in Italy in 1904. This paper discusses the development of geothermal resources following the above invention from early periods to current levels all over the world, causes and effects of impediments peculiar to this resource, and means of their mitigation. Geothermal resource development projects are fraught with challenges through all phases and stages of development in form of resource existence and size, suitability, sustainability with huge geological exploration and resource risks, way leaves, market, financing, commercial, absence and or inadequate policy, legal and regulatory framework including absence of worldwide standards, guidelines, codes and macro-economic risks. The effect of above challenges is three, namely 1), large upfront investment costs and 2) substantial resource risks and 3) policy, legal and regulatory framework. The large upfront investment costs engender the capital cost of investment, the Resource risks, stemming from uncertainty regarding the conditions of the reservoir with policy, legal and regulatory framework thus hampered unified communication in geothermal energy projects leading to ambiguity and limiting the understanding of the viability of geothermal energy projects and causing potential investors investing in other countries with profitable legal frameworks and stable government policies and dampening appetite of prospective investors for their engagement in the geothermal development business. As can be seen, the mitigation of above investment climate, is heavily dependent on whether the project field is de-risked to demonstrate the technical and commercial viability of the field. Two programs namely United Nations Framework Classification (UNFC) were set out to develop specifications and guidelines while Geothermal Risk Mitigation Facility, respectively, are now in place in geothermal resource countries to accelerate development by providing costs share grants for exploration and reservoir confirmation drilling. Geothermal Risk Mitigation Facility (GRMF) for Africa, the Geothermal Development Facility (GDF) for Latin America and the European Geothermal Risk Insurance Fund (EGRIF), among others as will be articulated in the main paper.

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