In Colombia, NCE continues its work to secure a just transition towards a low carbon economy under WRI's Climate, Economics and Finance Programme. The team supports the government's goal of decarbonizing the economy and achieving a 51% reduction of greenhouse gas emissions by 2030 through technical analyses. This includes applying the Green Economy Model (GEM), which assesses a range of socio-economic benefits as well as potential obstacles to a transition. NCE and WRI teams worked together with the Colombian Long-Term Strategy (LTS) team to support the elaboration process of the LTS Estrategia 2050 (E2050) report, and NCE analysis was included in the final version of the LTS launched at COP26.
The team also worked with the National Department of Planning (DNP), the Colombian Ministry of Finance, and other partners to create a general framework on stranded assets in Colombia. For this framework, NCE and DNP used two Colombian energy companies as case studies to analyze the risk of stranded assets. NCE also analyzed the impact that voluntary agreements with the private sector would have on greenhouse gas emission reductions, in particular the reduction of black carbon. Finally, NCE performed a spatial analysis of the Colombian Amazon to understand the value of externalities and ecosystems benefits of a low-carbon, green transition.
The team is also engaged with the Ministry of Environment and Sustainable Development (MADS). Under the Climate Action Enhancement Package (CAEP) Initiative, NCE and WRI supported the MADS in the formulation process of the Colombian Strategy for a Low Carbon, Adapted and Climate Resilience Development (ECDBCAR). The Strategy aims to accelerate the implementation of the Nationally Determined Contribution (NDC) by strengthening the institutional management for climate action from public policy. In 2022, NCE supported MADS on building modelling structures for methane and black carbon to help the government better understand avenues to reach methane and black carbon targets in the context of NDCs and E2050, along with associated impacts.
The team continues to work with the Ministry of Mines and Energy (MinEnergy) to identify climate adaptation measures for the energy sector. While electricity generation in Colombia is mainly through hydropower, a sustainable source, electricity production is highly vulnerable to extreme climate events such as droughts. Through nature-based solutions and nature-based adaptation, the team is working to enhance climate adaptation in hydropower plants in the country and modelling the economic and social benefits of these measures.
