Colombia inks clean energy accord with European Investment Bank

Colombia and the European Investment Bank (EIB) have signed a cooperation agreement for the development of green hydrogen and other clean energy technologies, part of a wider plan to wean the Andean country off fossil fuels. 

The deal was struck on the sidelines of the COP27 UN climate summit in Sharm el-Sheikh, Egypt, on Tuesday.

"The agreement … lays the groundwork for a stronger partnership between the EU and the Colombian government to achieve ambitious climate goals and a just and equitable energy transition," EIB president Werner Hoyer said. 

No details were given about the amount to be made available or the financing conditions.

Energy minister Irene Vélez said the announcement showed Colombia had the international backing needed to underpin its energy transition plans. 

“Having the support of the bank is crucial for us, particularly because we also share principles with the European Union of sustainability, respect for human rights and environmental justice,” she said.

Colombian President Gustavo Petro, who was sworn into office in August, has vowed to stop issuing new oil and gas drilling licenses and fast-track non-conventional renewable energy such as wind and solar power.

Fossil fuels accounted for almost half of Colombia's US$41.2bn export revenue in 2021, according to government statistics agency DANE.