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EIB and the Colombian Government Commit to Supporting Energy Transition

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EIB and the Colombian Government Commit to Supporting Energy Transition

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The EIB and the Colombian government are signing a statement of intent to enable the energy transition process in the country, at the United Nations climate change conference 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 PetroColombian 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. ”

See related article: Namibia Secures $544 Million in Climate Finance from Dutch Government and EIB

Commenting on the agreement, Colombian Minister of Mines and EnergyIrene 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”.

Supporting the promotion of clean energy in Colombia

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 prioritise 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.

EIB at COP27

Find an overview of EIB at COP27 on our dedicated website. EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics. You will find the full agenda here. You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience, and network with attendees. With an easy two-step registration process, you will always have the latest information on our agenda.

Source: EIB

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