Top Posts
Report: Nigeria, others may lose $300 billion, 49m...
Pope Leo hits out at climate change critics
Nigeria insurers prepare to global delegates on climate...
Energy Dept. asks employees not to use words...
Protesters seek $5tr payment from fossil fuel companies
Borno govt, NGOs demand funding on climate change...
Lagos rolls two-year flood plan to integrate lakes,...
UN official says climate change displaces up to...
UN ends high-level week with calls for peace,...
Ahead of COP30 conference, new national climate plans...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Renewable Energy: Colombia to get $70m from Climate Investment Funds

by Matthew Eloyi February 3, 2023
written by Matthew Eloyi February 3, 2023
618

Columbia is set to receive a $70 million loan from the Climate Investment Funds (CIF) at a low-interest rate to finance its switch from dirty to clean energy, making it the first nation to benefit from the new fund created to support the global adoption of renewable energy.

The funding will be used to build infrastructure that will let communities and companies access renewable electricity. This infrastructure will include batteries to store renewable electricity, transmission lines to carry it around, and green hydrogen production plants.

The funds come from a $300 million fund made up of one-off donations from the governments of Switzerland, the Netherlands, and the United Kingdom.

Read also: Saudi Arabia signs MoU with France on Energy Cooperation

According to an official, “there is an active fundraising campaign underway to draw in more resources from donors and support additional countries”.

The Colombian government anticipates that the $70 million will help to raise $280 million more from carbon financing markets and international development institutions. It estimates that the expenditures will prevent the atmospheric emissions of 1.6 million tons of carbon dioxide, which amounts to about 1% of Colombia’s annual emissions of greenhouse gases.

Three-quarters of Colombia’s electricity comes from hydroelectric dams, a carbon-free source. The rest mainly comes from fossil fuels. The funds will be used by the Colombian government as loans and guarantees for environmental projects.

Story was adapted from Climate Home News.

$70mColumbiaDealFundRenewable integration
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Saudi Arabia signs MoU with France on Energy Cooperation
next post
Wildfires consume over 750 hectares of land in Chile, threatens forests, farmland

Related Posts

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

UN ends high-level week with calls for peace,...

September 30, 2025

China announces plans to cut greenhouse gas emissions...

September 25, 2025

China locks down as Super Typhoon Ragasa nears...

September 24, 2025

Trump says climate change ‘greatest con Job in...

September 24, 2025

PERILS sets final industry loss estimate for 2024...

September 22, 2025

Guterres says 1.5C climate warming goal could fail

September 22, 2025

Australia sets 62-70% GHG emission reduction target by...

September 22, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World