Colombia, located in the northwest corner of South America, is a topographically diverse country with a 3,208-kilometer (km) coastline along both the Pacific Ocean and the Caribbean Sea. It is bordered by Venezuela, Brazil, Ecuador, Peru, and Panama. Colombia is vulnerable to landslides and significant flooding, due to increased surface runoff from snowmelt and extreme rainfall. In coastal areas, rising seas leading to increased storm surges and hurricanes have resulted in flooding. Droughts have also become increasingly common.
INVESTING IN COLOMBIA
CIF’s investment in Colombia is through its Clean Technology Fund (CTF). In line with its national development strategies to accelerate economic development while reducing greenhouse gas emissions, Colombia’s $92-million CTF investment plan aims to derisk investments in low-carbon urban transport, energy efficiency across various industries, and nascent renewable energy markets that move away from climate-dependent hydropower.
In particular, CTF financing supported the purchase of a pilot fleet of clean technology buses in Bogota, as well as other public transport upgrades in seven Colombian metropolitan areas. It is also helping to scale up access to finance for energy efficiency and clean production projects by encouraging financial institutions to develop lending programs for private companies.
Through the CIF-TAF, there was close to $ 500,00 programmed for technical assistance activities in 2021. The funding covered an array of topics such as developing policies and regulations to enable green hydrogen investments, encouraging sustainable growth and resilience through private participation schemes in infrastructure sector, and supporting green and resilient recovery from Covid-19 by accelerating the shift to e-mobility.
