Colombia finished 16th out of the 55 countries surveyed by Climatescope 2014, with a score of 1.33. This secured it 7th place among the 26 Latin American and Caribbean nations.
The country has one of the fastest growing economies in Latin America, having expanded at an average rate of 6% for the past five years on the back of oil and coal exports. This is driving up national demand for power: consumption is forecast to increase at an annual average of 2.8% until 2028, when it will reach 93TWh.
New capacity in the form of 2.8GW of large hydro is expected to come online in the next five years, leaving little room for clean energy technologies to develop. Since 2006, Colombia has attracted $1.2bn in clean energy funds, although no investment was registered in 2013. Small hydro is the country’s flagship clean energy sector, accounting for $595m, or almost half of the total investment.
Looking ahead, policy support will be needed to increase clean energy deployment. More frequent droughts in Central and South America are serving to highlight the weakness of hydro as a year-round power source and may hasten diversification into other types of clean energy.