Promoting renewables is a priority

Renewables    Aug 13, 2021 3:08 PM

Asobancaria’s Hernando José Gómez spoke about climate change, energy transition and renewable energies.

Gómez said that combating climate change is a necessity and in that fight, energy transition is a fundamental piece, Portafolio reported.

“Renewable energy generation is growing at a rate of 7% annually, but there is still a lot to do, because 70% of the global energy supply still comes from non-renewable sources,” the expert said.

Gómez said that the outlook is encouraging in Colombia, but there are still many challenges.

“We have to improve in energy efficiency. To improve this metric, progress has been made in financing renewable energies. A good example of this was the granting of guarantees to Financiera de Desarrollo Nacional (FDN) for US$53.3M in 2019 to leverage projects in this area,” the expert said.

The head of Asobancaria said that banking plays a crucial role in financing projects for the development of renewables and energy efficiency in Colombia.

“The green portfolio balance was close to CoP$11T in 2020, of which CoP$1.2T went to renewable energy projects and CoP$1.5T to energy efficiency,” Gómez said.

Gómez said that the country still faces great challenges for the development of unconventional renewable energies such as solar, wind and mini-hydro, which only represent 5.2% of the country’s total energy (12% by 2022), while hydro and thermal energy represent 63.3% and 30.7% respectively.

“The adoption of systems for better risk measurement by banks to improve the financing processes for energy, not only renewable but also sustainable, is becoming increasingly important,” Gómez concluded.

Bottom-Line: Promoting renewable energies is a commitment of all sectors. Financing under attractive conditions is fundamental to promote new projects in the country.

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