Regulation & Policy Oct 12, 2021 4:03 PM
The Minister of Environment (MinAmbiente), Carlos Eduardo Correa, spoke about the country’s plans to get resources to mitigate CO2 emissions.
Correa said that the country plans to seek resources of up to US$100B to mitigate greenhouse gas (GHG) emissions and reduce them by 51% by 2030, La Republica reported.
The goal is to reduce emissions by 176.8 million tons of CO2 in the coming years and, by 2030, a maximum of 169.4 tons would be saved nationwide.
Correa acknowledged that Colombia is only responsible for 0.6% of total global emissions, but the country is one of the 20 countries most prone to environmental damage to its ecosystems, so it is important to work on this issue.
MinAmbiente warned that issues such as adaptation are not addressed, the cost to the country would be close to CoP$4T per year.
Correa said that it is necessary to have an adequate regulatory framework to move forward on this issue, and he highlighted the filing of the Climate Action Law in Congress.
He explained that this bill seeks to create minimum measures in the short, medium and long term to achieve carbon neutrality by 2050.
Some of Colombia’s fronts include the integrated management of biodiversity, the strengthening of climate knowledge, sustainable production and consumption, and the increase in the population’s adaptive capacity.
Bottom-Line: The Colombian government has demonstrated its commitment to the environment, creating an adequate regulatory framework to promote new sources of generation and reduce dependence on fossil fuels in the medium and long term.