Colombia received US$1 billion from the World Bank for climate actions

The National Government and the World Bank (WB reported that a loan was approved for 1 billion dollars to help Colombia accelerate the energy transition low carbon, promote sustainable land use and strengthen resilience and adaptation to climate change.

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“We reached a major milestone in Colombia’s relationship with multilateral banks by approving the largest budget support operation in the country’s history“, said the Minister of Finance, José Antonio Ocampo.

“This loan for 1,000 million dollars with the World Bank is a clear sign of confidence in Colombian institutions and recognition of the efforts of the Nation to integrate the climate change agenda with an ambitious social and economic agenda.“, he added.

With the financing obtained, the country will also be able to increase the production capacity of non-conventional renewable energy and the development of a green hydrogen.

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Other actions that are planned with the money are: “Promote development resilient to climate change, strengthening the capacity to manage different disaster risks, and boosting the expansion of agricultural insurance to mitigate the impact of climate shocks in rural areas“.

And it will seek to promote the sustainable use of land (mainly in páramos), increase the adoption of sustainable livestock systems and accelerate the implementation of the multipurpose cadastre.

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“The loan is a support for the commitment to energy transition, improvement in land use and protection of our natural heritageOcampo continued.

Jorge Iván González, general director of the National Planning Department (DNP), For his part, he highlighted the importance of this operation and said that it is very relevant for the country, since, as he explained, it is positive that resources are secured to achieve all the changes that the Government has proposed.

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“It is a recognition of our purposes in terms of protection of biodiversity, the strategies that we propose for resilience in the face of climate change and the great commitments that we have to achieve a sustainable energy transition, which will make this country a world power of life“Gonzalez said.

Finally, the director of the World Bank for Colombia, Mexico and Venezuela, Mark Thomas, stated: “The financing includes promoting and strengthening capacities in the energy, transport and land sectors, as well as disaster risk management and climate adaptation that will mainly benefit the most vulnerable communities.”

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