The Inter-American Development Bank (BID) approved a loan for US$34.5 million to support an energy efficiency program in the residential and official sector of the Colombian Caribbean.
The program has two objectives. The first is to improve the use of electrical energy in low-income households and in the official sector of the Caribbean region through the implementation of efficient energy management measures that make it possible to reduce the subsidies granted by the national government and the energy consumed.
The second objective is to educate the population of the Caribbean region about the importance of saving and efficient use of energy through training of technicians and users of the service in the efficient management of electrical energy.
The loan will finance activities related to the replacement of energy-inefficient equipment with technologically advanced equipment in the use of refrigerants associated with the emission of greenhouse gases (GHG), as well as the replacement of inefficient light bulbs at no cost in low-income homes.
Likewise, the program includes the design and implementation of communication strategies aimed, especially at women and people with disabilities, to promote energy saving among these groups. A pilot will also be financed for the installation of photovoltaic panels in homes of strata 1 and 2 that will allow the design of a self-generation strategy for the Caribbean region.
The expected results of the program will be a more efficient use of energy, which will make it possible to reduce the electricity consumption of low-income households and electricity consumption in official buildings, the reduction of electricity bill costs, and the reduction of GHG emissions due to the projected saving of electrical energy as well as the use of refrigerants with less global warming power.
The activities contemplated are aligned with the update of Colombia’s Nationally Determined Contribution (CDN), which represents the regulatory framework that regulates GHG emissions, as well as with Colombia’s Long-Term Climate Strategy to Comply with the Agreement from Paris (E2050).
About the BID
The Inter-American Development Bank’s mission is to improve lives. Founded in 1959, the BID is one of the main sources of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The BID also conducts cutting-edge research projects and offers policy advice, technical assistance, and training to public and private clients throughout the region.
