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Colombia Country Report

This paper explores the state of green finance in Colombia within the wider economic and financial sector context, and identifies challenges and potential solutions that would enhance the application of environmental, social, and governance (ESG) criteria in the financial sector decision-making process and mobilize more investments for the transition toward a green economy.

It highlights four factors that may be significant drivers of change in Colombia:

  • Leadership by individual institutions such as Grupo Sura, Grupo Bancolombia, and Davivienda, the Colombian Stock Exchange, or responsible investment funds such as Fondo Inverso.
  • Real sector crisis such as natural disasters or major industrial disasters, originated in environmental or social issues, can focus the attention of investors and civil society, and can lead to a general awareness of green finance.
  • Policy innovation such as the new Código País corporate governance framework and the financial committee of the National Climate Change Committee (SISCLIMA) could form the initial foundations for a broader  country-level green finance vision.
  • Multilateral institutions applying social and environmental risk management criteria may influence broader practices.

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