This is what Colombia is looking for through the energy transition agreement signed with the United Kingdom

In the middle of a two-day international business conference taking place at a Westminster hotel, London, The governments of Colombia and the United Kingdom signed an agreement to promote the country's energy transition processes.

Deputy Minister of Mines and Energy Joana Rocha noted that the agreement will facilitate the exchange of knowledge, which will facilitate the development of public policies for the energy transition and also “generate a favorable investment climate” for project development. Which requires that process.

British Ambassador to Colombia, George Hodgson explained that this document is in addition to the previous document related to sustainable growth. He said that the idea is to “revive” a very important pillar of joint work between the two countries related to cooperation in caring for the environment and combating climate change.

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Ricardo Bonilla, Colombian Minister of Finance.

picture:ProColumbia Press

“It is an action plan for the next two years regarding the energy transition, and we seek to share British experience, for example, in the offshore wind sector, in the development of the hydrogen economy and in the export of green hydrogen,” he explained.

The Colombian Ambassador to the United Kingdom, Rui Barreras noted that Colombia has clean energy sources and resources to implement key energy transition projectsThe UK has the knowledge. He explained that the agreement will seek to transfer technology to develop key sectors.

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One of these challenges is mobility, Barreras added. “Clean energy must be generated, but electric vehicles are also needed, that is, the shift towards electric mobility and charging stations for these electric vehicles. The UK has all the experience in these matters, and this agreement will certainly allow us to move forward together on these developments in Colombia.”

Investments that Colombia hopes to attract

The business conference at which the agreement was signed It is promoted by ProColumbia and the embassies of Colombia and the United Kingdom, and focuses on projects that promote sustainable development.

Before signing, the Minister of Finance said: Ricardo Bonilla announced that Colombia hopes to attract investments in this meeting that could reach $10 billion.

Deputy Minister of Mines and Energy Joana Rocha.

picture:ProColumbia Press

Bonilla explained that the Colombian delegation arrived in England carrying a group of initiatives seeking financing resources, including 5G road projects, as well as projects to revitalize rail transport and the Dickey Canal.

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Barreras said this is not just an opportunity for the country to find millionaire resources for infrastructure development, clean energy, employment and sustainable tourism initiatives; This is also true for the British, who may find in Latin America a “natural growth scenario.”

“There is a lot of interest from British investment funds in accessing Colombia,” he said.

Finally, Hodgson confirmed to the press covering the business conference that the UK currently has a project financing mechanism called UK Export Finance, which has allocated £5.5 billion to Colombia.

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He concluded, “The idea is to finance projects that can benefit from the interest rates that the British government has, which is an appropriate rate (…) and applies to both private projects and public projects.”

Alberto Mario Suarez Duran

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