Clean transport and energy efficiency offer untapped, transformative potential to generate energy and cost savings in Colombia, where a boom in private motorized transport and decline in public transport ridership are increasing energy use and greenhouse gas emissions.
Source: World Bank
To accelerate economic development while reducing greenhouse gas emissions in line with its national development strategies, Colombia’s CTF investment plan taps $150 million in CTF concessional financing to de-risk investment in low carbon urban transport, energy efficiency across various industries, and nascent renewable energy markets that move away from climate-dependent hydropower.
In particular, CTF financing is supporting the purchase of a pilot fleet of clean technology buses in Bogota, as well as other public transport upgrades in seven Colombian metropolitan areas. It is also helping to scale up access to finance for energy efficiency and clean production projects by encouraging financial institutions to develop lending programs for private companies.
The transport sector accounts for 39% total energy demand, compared to a world average of 31%
The CIF programmatic approach to investment planning and implementation brings strategic value to CIF recipient countries. Working through a transparent, country-led process, the CIF fosters trust and collaboration among government ministries, civil society, indigenous peoples, private sector, and the MDBs that implement CIF funding . Together they translate Nationally Determined Contributions and other national development and climate strategies into an actionable CIF investment plan.
