Regulation & Policy Jul 2, 2021 3:39 PM
WEC Colombia spoke about the new Energy Transition Law, recently approved by Congress.
The entity considers that this law will boost investments and economic reactivation, La Republica reported.
This new law will boost, through tax, tariff and accounting incentives, strong investments in the energy sector, according to WEC Colombia.
Daniel Diaz, Executive Secretary of WEC Colombia, said that the new law will allow the country to establish itself as a regional leader in this area, achieving innovative and efficient solutions for the population.
The expert highlighted that the incentives and the variety of energy sources, position Colombia in high world standards related to the opening towards a variety of unconventional energy sources, and the care of the environment to face climate change.
WEC Colombia said that this law will boost the energy market, promote the development and unconventional energy sources, improve the provision of public utilities, and may partially or fully finance projects in the National Interconnected System (SIN), among other benefits.
Bottom-Line: This new law is generating great expectations among investors and sector experts.
The government demonstrated its commitment to the energy transition, creating an appropriate regulatory framework to encourage investments. However, authorities failed on the social issue, vital to develop large projects in the country.