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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. The report is part of IFC’s efforts to mobilize climate investment, through partnering with the UNEP Inquiry into the Design of a Sustainable Financial System, with support from GIZ, to develop a holistic view of current green investment by a range of domestic financial actors and the local financial regulatory landscape across a range of countries. The study informed by interviews and research maps the investor ecosystem in Colombia, looking at existing practices, enabling environment, regulations, barriers, and instruments for green investment as applicable across the financial sector.
It highlights four factors that may be significant drivers of change in Colombia:
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