EIB to back Colombia’s transition to clean energy

09 / 11 / 2022

By Marwa Nassar - -

The European Investment Bank (EIB) and the Colombian government are signing a statement of intent to enable the energy transition process in the country, at the 27^th United Nations Climate Change Conference (COP27) in Egypt.

The joint Declaration of Intent between the Ministry of Mines and Energy of the Republic of Colombia and the European Investment Bank, will support just energy transition in Colombia, with a focus on green hydrogen and other green technologies.

Colombian Minister of Mines and Energy, Irene Vélez Torres and President of the EIB, Werner Hoyer signed the agreement at the Colombian pavilion at COP 27 in Egypt. President of Colombia, Gustavo Petro, Colombian Minister of Foreign Affairs, Alvaro Leyva Durán and other high-level dignitaries attended the signature ceremony in Sharm El-Sheikh, Egypt.

Speaking at the COP 27 signature event in Egypt, EIB President, Werner Hoyer said “The European Investment Bank is fully committed to support global climate action through innovative technologies and solutions like green hydrogen. The agreement announced today at COP 27 sets the stage for a greater partnership between the EU and the government of Colombia to reach ambitious climate goals and a just and equitable energy transition. The EIB has been a financing partner of Colombia for over 15 years and is pleased to have a key role in this important journey for the country, aligned with our vision as Europe’s climate bank worldwide. ”

Commenting on the agreement, Colombian Minister of Mines and Energy, Irene Vélez Torres said “To implement the Just Energy Transition, Colombia needs international support. As much as the international community has been fundamental in the search for Total Peace in our country, it will also be for boosting the energy communities and the productive economy in the energy transition. We need technology, knowledge, and financing to develop and deploy green energy from hydrogen, geothermal, solar, and wind”.

The statement signed today will accelerate the transition from an energy matrix dominated by fossil fuels to a more diverse portfolio, encouraging Colombia to use its full potential to prioritize renewable energy sources, including solar, wind, green hydrogen, and geothermal energy.

Enshrined in the joint statement is the intention to promote a more democratic energy generation process, working with new energy providers and ensuring the inclusive and active participation of local communities in the transition process.