Carbon Neutral Colombia

Regulation & Policy    Nov 2, 2021 5:18 PM

The Minister of Environment (MinAmbiente), Carlos Eduardo Correa, talked about the Climate Action Law, achievements in the protection of natural parks and the goal of becoming a carbon neutral country by 2050.

Correa told La Republica that Colombia will decrease its emissions by 51% in 2030, achieving zero deforestation and 30% of protected areas.

“We will launch the Carbon Neutral Colombia by 2050 strategy and show our roadmap and the actions we have been developing,” Correa highlighted.

The expert explained that the country has funding lines such as royalties from the environmental sector, carbon tax, general budget, and multilateral banks.

“The biggest commitment we need is international cooperation and climate finance. Without these resources we will not be able to make a strong impact,” Correa acknowledged.

Correa said that the Climate Action Law is under development and incorporates national contributions.

“We want it to be the roadmap for all sectors for the next 30 years, including actions in energy transition, sustainable mobility, sustainable agriculture, environmental education, protection of areas and the fight against deforestation,” the expert said.

The minister added the government has signed more than 500 conservation contracts, and the goal is to reach more than 2,000 by December this year.

“We are going to surpass 15,000 families receiving payment incentives for environmental services. In the first semester we had a 34% reduction in deforestation,” Correa highlighted.

Correa said that the development plan established the goal of having 6,000 electric vehicles in the next four years, but the goal is that 30% of vehicles in circulation will be electric by 2030.

MinAmbiente recalled that more than 100 companies have signed carbon neutrality agreements with the entity, where they already have an emissions reduction pathway.

“We expect in December to have 500 companies,” Correa said.

Bottom-Line: The government is laying a solid legal foundation to advance the energy transition and carbon neutrality in the medium and long term.

All economic sectors are joining this initiative, generating positive expectations among investors and analysts.

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