15 November 2021 | Articles
09 December 2021 |Virtual
Colombia is becoming a regional leader in the promotion of energy transition and its contribution to climate action. Its participation in the initiative Renewable Energy for Latin America and the Caribbean (RELAC) is a clear example of the motivation to spearhead a clean transition throughout the region. At a national level, Colombia’s efforts to accelerate the energy transition can be reflected in rising ambitions of higher renewable energy shares, other than hydropower. For instance, the country set a renewable energy target for non-hydropower sources of 1.5 GW by 2022 and to help achieve this goal, it became the latest Latin American country to deploy renewable energy auctions. As of November 2021, it has conducted three rounds of auctions.
In 2021, IRENA and USAID developed the report on Renewable energy auctions in Colombia: Context, design and results analysing the design elements and prices outcomes of the renewable auctions in Colombia. The case study identifies best practices and areas of improvement for future renewable energy auctions in the country. This virtual event aims to showcase the case study on the Colombian renewable energy auctions and at the same time, serves as a platform for stakeholders in Latin America and the Caribbean to discuss different renewable energy auctions design elements, identifying challenges, opportunities and the way forward on national and regional efforts to decarbonise the energy sector and the pathway to a net-zero energy future.