Regulation & Policy Jun 17, 2021 3:16 PM
Oxford University’s Global Recovery Observatory analyzed countries’ total spending on green recovery initiatives.
Brian O’Callaghan, Senior Researcher at Oxford University’s Economic Recovery Project, said that Colombia has spent little on green recovery initiatives, just 0.05% of GDP, Portafolio reported.
The expert said that Colombia lags behind other countries in the region such as Chile (0.16%), Panama (0.27%) or Jamaica (0.3%), and far behind other developed economies such as France (1.49%), Germany (1.23%), UK (2.33%), Denmark (2.36%) or South Korea (3.28%).
“Colombia showed some early promise in green recovery, through the financing of renewable energy projects, a tree planting program and SME financing for energy efficiency,” O’Callaghan said.
However, Colombia reports a lag in green recovery, but this is a trend seen virtually throughout the region.
“All Latin American nations are falling short on green recovery priorities,” the expert warned.
The report said that the region has spent only 2.2% of recovery funds on green initiatives, compared to the global average of 19.2%.
“Latin America lags far behind the rest of the world in total Covid-19, pandemic recovery and green investment spending,” O’Callaghan said.
The report, however, said that Colombia stands out in investment pledges in the region, with US$160M; Brazil leads this list with US$280M followed by Panama (US$180M).
“Colombia has solid opportunities to accelerate the industries of green energy, sustainable transportation, energy efficiency, nature-based solutions, sustainable agriculture and clean research and development,” the expert concluded.
Bottom-Line: Colombia has committed to big climate goals but plans are not progressing at the expected pace and these figures are proof of that.
The country has high investment expectations but Colombia needs to improve on regulatory, social and security issues to move forward at a faster pace.