Regulation & Policy Aug 12, 2021 3:13 PM
Colombia has adopted policies to facilitate the energy transition.
Minister of Mines and Energy (MinEnergia) Diego Mesa highlighted that the country is ready for energy transition, Semana reported.
Mesa said that the nation has a great potential for unconventional renewable resources that will allow it to complement the energy matrix.
He said that Colombia is developing the potential of unconventional renewable energies through public policies, regulatory and fiscal incentives.
“Colombia made a historic leap in the incorporation of renewable energies,” Mesa highlighted.
The unconventional renewable energy auction in 2019 will allow to go from 50MW of installed capacity to more than 2,800MW by the end of 2022, which will represent almost 12% of the energy matrix.
Regions such as La Guajira and Cesar, due to their geographic and environmental conditions, will play a fundamental role in the transition.
The government said that the sector is developing 14 wind and solar projects that will represent investments of about CoP$7T, creating more than 6,000 jobs.
Bottom-Line: The Colombian government has made a great effort to promote renewable energies, and investors have responded to the authorities’ incentives.
The potential is huge, but the government must work on environmental licensing and prior consultations to advance more quickly in this process, especially focusing on transmission projects.