Colombia

Colombia’s updated NDC includes a set of 196 mitigation and adaptation initiatives that will allow the country to reduce its GHG emissions by 51% compared to the business-as-usual scenario by 2030. In June 2021, President Ivan Duque launched Colombia’s Long-term Strategy “E2050”, which has an integrated vision of resilience and progressive emissions reduction towards carbon neutrality by 2050 with sectoral prioritization.

The E2050 contains a comprehensive set of mitigation and adaptation targets with policies and action across all NDC sectors. Following the updated NDC and the LTS, the Colombian government also launched “The National Carbon Neutrality Program”, which articulates the mechanisms for private sector engagement, in pursuit of carbon neutrality. To-date, 131 private sector companies have engaged in the program with their emissions reduction targets, and the Ministry of Environment is expecting to engage a total of 500 enterprises by 2022.

Colombia is a leading country in the LAC region in terms of NDC finance. The government is currently conducting a cost-benefit analysis for each mitigation and adaptation goal, which will enable high-level decisions for both public spending and private finance. The country has provided cost-benefit calculations for all adaptation goals. Parallel to this effort, the government is structuring a robust financial strategy to move forward with the NDC implementation. Part of the financial analysis is being conducted by the NDC Action project, in the two priority sectors.

See here an emissions profile and projected pathway for Colombia, prepared by UNEP-CCC