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Implementing partner: Climate Bonds Initiative
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Consortium parners: Ambire Global - Metrix Finanzas (until March 2023)
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Implementation period: September 2021 - March 2025
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Sector: Green finance
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The project addressed the challenges of implementing and adopting the Colombian Green Taxonomy (TVC) by providing critical guidance on defining "green" sectors and activities to mobilize resources for sustainable projects aligned with Colombia’s decarbonization goals, NDCs, and climate resilience objectives. To achieve this, the project focused on capacity building, equipping over 1,000 participants from financial and real-sector organizations with the skills to issue green bonds, create green credit lines, and develop labelled financial instruments. These efforts directly supported emissions reductions and sustainable finance growth.
Through technical assistance, the project delivered tailored recommendations for green finance, aiding in the issuance of thematic instruments and the alignment of financial products with TVC standards. This included analysing 124 insurance products for TVC compliance and creating a benchmark for green insurance in Colombia, this is the first study of this kind developed globally. Practical tools and guidelines for the Taxonomy implementation were also developed, including resources tailored for the water, transport, and AFOLU sectors, ensuring compliance with environmental and social safeguards like the DNSH principle and promoting financial inclusivity for underrepresented communities.
Furthermore, the project facilitated collaboration and knowledge-sharing by supporting the Taxonomy Supervisory Committee, fostering discussions on Taxonomy updates, and addressing stakeholder needs. By building capacity, delivering tailored tools, and promoting policy engagement, the project has positioned Colombia’s financial system to lead in sustainable financing, providing a solid foundation for the continued growth of its green finance market.
Click here to find out more about the project and its results.
"The technical assistance provided, including training and a portfolio review, played a pivotal role in equipping the ExcelCredit team with the knowledge and skills necessary for the successful issuance of their Social Bond on the Colombian Stock Exchange. The bond achieved remarkable results, being oversubscribed by 1.74 times its offered amount of 20 billion COP. Looking ahead, we aspire to include projects in our next issuance that directly contribute to advancing Colombia's environmental objectives."
Daniel Ricardo Plazas León, Chief Financial Officer, ExcelCredit
