Latin America Advisor
Energy Advisor
A Publication of The Dialogue
Will a World Bank Loan Aid Colombia’s Climate Resiliency?
The World Bank approved a $750 million loan that will help support Colombian President Gustavo Petro’s environmental policy goals. // File Photo: Government of Colombia.
The World Bank announced on April 1 that it approved a $750 million loan for Colombia to aid the country’s efforts in growing its renewable energy sector, cutting carbon emissions and improving climate change resiliency. The loan will be used to construct new solar plants and offshore wind energy projects, as well as develop green hydrogen and electric urban transport. What are the most important projects Colombia should finance through the World Bank’s loan? What is the state of Colombia’s renewable energy sector, and how will this loan affect the sector? Where does Colombia stand with regard to the green energy transition and what steps are needed to advance President Gustavo Petro’s environmental agenda?
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Gustavo Rodriguez, associate attorney at Hunton Andrews Kurth, and Nicolás Rocha Pesántez, associate attorney at Gómez Pinzón Abogados: “Prioritizing funding to enhance energy transport infrastructure, including energy storage projects, would benefit the solar and wind plants under development to integrate these energy projects into the national grid, improving reliability and efficiency. Special attention is needed for regions like La Guajira, where renewable resources are abundant but connectivity to the grid is lacking, to ensure these areas contribute to the national energy supply. In a bid to increase renewables generation, Colombia’s market administrator recently awarded long-term firm energy obligations to 27 solar projects, and an ongoing offshore wind energy project auction is slated to…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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E. gkuleta@thedialogue.org
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