Accelerating the Energy Transition in Colombia Renewable Energy Auctions

16 February 2022 |Virtual


 

Colombia is becoming a benchmark for promoting the energy transition and contributing to climate action in the region, participating as a leader in the Renewable Energy for Latin America and the Caribbean (RELAC) initiative and as a Global Champion of the Energy Transition, part of the United Nations High-Level Dialogue on Energy 2021.

At the national level, Colombia has increased its ambitions and, seeking to increase the participation of renewable energies, has implemented renewable energy auctions, completing three rounds by the end of 2021. Beyond the benefits obtained from the low costs reflected in these exercises, the auctions potentially offer to contribute to achieving socio-economic goals and ensuring a just and inclusive energy transition.

In 2021, IRENA and USAID developed the report Renewable energy auctions in Colombia: Context, design and results, analyzing the design elements and price results of renewable energy auctions in Colombia. The case study identifies best practices and areas for improvement for future renewable energy auctions in the country.

This virtual event aimed to present the case study of renewable energy auctions in Colombia and at the same time, provide a platform for stakeholders in Latin America and the Caribbean to learn about the different elements for the design of renewable energy auctions, while identifying challenges, opportunities and the way forward in the national and regional efforts to decarbonize the energy sector and the path to a net-zero-carbon energy future.