How much money will Colombia need to decarbonize power systems?

It is estimated that infrastructure investments will need to ramp up to $820 billion annually by 2030 to facilitate the decarbonization of power systems. A renewable energy transformation is already underway in Colombia; the country generated record levels of solar power in 2021.

Are non-hydro renewable sources a problem in Colombia?

However, non-hydro renewable sources still represent less than 2% of Colombia’s installed generation capacity, exposing the electric system to risks. Moreover, the country faces high costs and steep barriers to modernizing its transmission infrastructure and transporting renewable electricity safely and reliably, particularly to off-grid regions.

How many wind and solar projects are in Colombia?

Colombia's 2019 renewable energy auction awarded contracts for nine wind and five solar projects. These projects are worth approximately $8 billion and will add 1,365 MW of wind and solar capacity, due to be commissioned by 2022.

How much energy does Colombia use?

businesses.4In 2021, Colombia’s total final energy consumption reached 1,319 petajoules (PJ). Fossil fuels accounted for 67% of this total, with oil being the primary energy source (49%), followed by natural gas (11%) and coal (7.1%).5 Electricity, primarily sourced from hydropower, constituted the second-highest consumed en

Why is Colombia investing $70 million in concessional resources?

“Colombia’s Investment Plan for $70 million in concessional resources is a recognition of the maturity of the country’s energy system and its efforts to advance an ambitious and inclusive transition, based on collaboration between the public, private and social sectors.

Will Colombia reduce emissions by 51 percent before 2030?

Colombia has set a target of reducing emissions by 51 percent before 2030. Through these investments, Colombia expects to achieve 1.6 Mt CO2eq emissions reductions while providing nearly 20,000 households with increased access to clean energy and achieving total electric system cost reductions.