ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN COLOMBIA 2022

The report provides a comprehensive overview of Colombia's sustainable debt market, which reached USD 2.4 billion by the end of 2022. It details the dominance of green bonds, the emergence of sustainability-linked bonds, and the role of the Colombian Green Taxonomy in guiding investments. The document also examines the country's climate vulnerability, the policy framework for adaptation and resilience, and specific opportunities across economic sectors such as energy, transport, and construction to support a low-carbon transition.

• By the end of 2022, Colombia's sustainable debt market (VSS+) totaled USD 2.4 billion, ranking it as the seventh largest market in Latin America and the Caribbean. Green bonds are the most prominent, accounting for 53.7% of the total volume with USD 1.3 billion issued across 16 operations.
• The Colombian government is the largest issuer of green bonds, representing 43% of the market, followed by financial companies at 35.2% and non-financial companies at 12.9%. Renewable energy (34.7%), buildings (21.7%), and transport (14.5%) are the most funded categories.
• Colombia was the first country in Latin America and the Caribbean to price sovereign green bonds in its own currency (COP) in September 2021, issuing USD 549 million across three auctions to fund 27 projects in six categories, primarily water management (40%) and clean transport (27%).
• The social bond market in Colombia reached a total issuance of USD 620.4 million. These instruments are predominantly short-term, with 73% of the issued amount maturing within five years, and the average operation size is USD 88.6 million.
• Sustainability-linked bonds (SLBs) are the smallest segment of the thematic debt market, with only one operation issued by Bancolombia in October 2022 for COP 640 billion (USD 129.4 million).
• Colombia launched the first Green Taxonomy in Latin America in April 2022 to prevent greenwashing and provide science-based guidelines for green economic activities. Priority sectors include construction, energy, transport, water, industry, waste management, ICT, and AFOLU.
• Colombia is among the 11 most vulnerable countries to climate change, with primary risks being severe flooding and glacier melt. The government has committed to reducing greenhouse gas emissions by 51% by 2030 and achieving carbon neutrality by 2050.
• There is a significant funding gap for adaptation and resilience; 30 estimated objectives require between USD 1.6 billion and USD 2.9 billion. Currently, these measures rely primarily on insufficient public investment.
• The energy transition in Colombia is estimated to cost USD 8 billion over the next eight years. The country has a clean electricity matrix (73% renewables) but faces increasing demand and seeks to diversify into green and blue hydrogen.
• The report recommends seven measures to grow the sustainable finance market, including establishing green securitization mechanisms for SMEs, increasing sovereign VSS+ issuance, creating a dedicated green bond segment on the stock exchange, and offering green guarantees and subsidies.

APA

Sánchez, A. F., Peláez, A., Lerner, A., Isaza, D., Vásquez, I., Ambrossano, J., Fadul, Y., & Echeverry, S. (2023). ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN COLOMBIA 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/24eaa8dd-5946-4bf3-8f9a-d915f270690f.pdf

Chicago

Sánchez, Andrés Felipe, Adelaida Peláez, Alicia Lerner, Diana Isaza, Iraís Vásquez, Julia Ambrossano, Yolanda Fadul, and Sebastián Echeverry. ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN COLOMBIA 2022. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/24eaa8dd-5946-4bf3-8f9a-d915f270690f.pdf.

Wikipedia

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BibTeX

@techreport{snchez2023estado, author = {Sánchez, Andrés Felipe and Peláez, Adelaida and Lerner, Alicia and Isaza, Diana and Vásquez, Iraís and Ambrossano, Julia and Fadul, Yolanda and Echeverry, Sebastián}, title = {{ESTADO DEL MERCADO DE LAS FINANZAS SOSTENIBLES EN COLOMBIA 2022}}, institution = {Climate Bonds Initiative}, year = {2023}, month = may, url = {https://www.climatebonds.net/files/documents/publications/24eaa8dd-5946-4bf3-8f9a-d915f270690f.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }