Washington, April 1, 2024 — The World Bank Board of Executive Directors on Thursday approved a new project to support Colombia during its transition toward a more sustainable, resilient and low-carbon development model. The project will promote policies and reforms aimed at strengthening the institutional capacity of the government to transform key sectors such as energy, transportation and agriculture.
Colombia has a high exposure to climate risks, which affect economic growth and the fight against poverty. Floods and landslides are the most prevalent effects of climate change in the country; in recent years, their frequency has more than doubled, disrupting access to basic services, road connectivity, education and health care, and impacting directly on economic growth, productivity and the wellbeing of the population.
Moreover, increasing temperatures and changes in rainfall patterns have reduced water availability, which, in turn, has reduced agricultural productivity and increased drought vulnerability. Given this scenario, it is important for Colombia to start the transition to a more resilient economy, one with lower carbon emissions and a focus on the sustainable management of natural resources.
“The proposed initiative reflects Colombia’s strong commitment to confront climate challenges and move toward a more environmentally-friendly economy. It prioritizes the adoption of more sustainable energy sources and the implementation of climate preservation measures, to promote the development and wellbeing of all Colombian citizens,” said Mark Thomas, World Bank Director for Colombia, Mexico and Venezuela. “These actions illustrate the active participation of the country with a more promising future for its people, one where environmental sustainability and economic prosperity go hand in hand,” he maintained.
To back the country in this process, the US$ 750 million World Bank project will support Colombia via four main components. The first one promotes reforms to move forward with the low-carbon energy transition, particularly in the transportation and energy systems. It will seek to promote solar and offshore wind energy and green hydrogen, as well as to move forward with the electrification of urban transportation, support for public transportation systems and the expansion of multimodal transportation.
The second component will support efforts toward a more sustainable use of land and a more efficient use of water. It will focus on empowering rural communities to improve land use and agricultural productivity, while protecting vital ecosystems.
The third component seeks to build climate-change resilience and adaptation, including risk identification and reduction, as well as emergency preparedness, response and recovery. For its part, the fourth component will contribute to the creation of a more efficient financial mechanism to facilitate access to climate action funding, strengthening the climate financial framework.
This loan is the second in a series of two projects to expedite climate action in Colombia, which are aligned with Colombia’s National Development Plan for 2022-2026, the new World Bank Country Partnership Framework for 2024-2027 and the recommendations of the Colombia Country Climate and Development Report.
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