A study by the Edmond de Rothschild Group showed that Colombia was the second country in the world to make the most progress in its energy transition processes during 2017.
According to the study, Colombia and Sweden were the countries that advanced the most in their energy transition processes during 2017.
The countries were only surpassed by Switzerland, El Espectador said.
The study analyzed data from countries like Switzerland, Colombia, Sweden, China, Peru and Qatar, among others, since 1980, based on four main factors: energy consumption per capita, CO2 emissions per capita, the share of fossil energy consumption in their total energy consumption, and energy efficiency, that is, the GDP generated per unit of energy used.
Beyond the classification by the countries’ progress, the study “highlights that the increase in global energy consumption exceeds advances in terms of decarbonisation processes at the moment”, said Lisa Turk, economist for the Edmond de Rothschild Group.
When it comes to Colombia, the study highlights that its second place in the rank can be explained by its low consumption of primary energy in relation to other countries in the world, as well as by its limited CO2 emissions.
“Thanks to its topography, Colombia took advantage of the opportunity to develop hydroelectric power plants over 40 years ago. The country also made considerable efforts in the energy sector, in the transport sector,” the report added.
Meanwhile, the International Renewable Energy Agency’s (Irena) 2019 report concluded that renewable energy capacity has grown in all regions of the world, at different rates.
While Asia accounted for 61% of total new renewable energy projects, Australia was the fastest growing region in the matter, with 17.7% of renewable energy projects, followed by Asia, with 11.4%, and Africa, with 8.4% in 2018.
“The growth was led by emerging and developing economies. Thanks to its attractive business case, renewable energy has established itself as the technology of choice for the new power generation capacity worldwide,” part of the report said.
Bottom-line: Renewable energy projects are not a ‘boom’, but are here to stay. The fact that Colombia was ranked second in the world when it comes to the development of new projects is proof of the fact that its potential, combined with political will, are setting the country apart in the market.