Colombia Is Transforming Its Energy Economy !

National Economy

The population of the Republic of Colombia is approximately 52.00 million people[1]. In 2021, 100 % of the people in this South American country had access to electricity[2].

In 2021, Col0mbia’s economy was ranked 38th in the world in gross domestic product (GDP)[3]. The country’s economy is dependent on the export[4] of crude oil, coal, coffee, gold, and refined petroleum.

Environment Policies

In 2016, Colombia signed the Paris Climate Agreement[5], committing to an unconditional 20% reduction in greenhouse gas emissions by 2030, compared to business-as-usual levels,

In 2016, Columbia launched the Energy Plan 2050, which aims to decrease the use of fossil fuels (coal, oil, and natural gas) and increase the use of wind, solar, and geothermal energy to generate electricity for the nation’s power grid.

In 2020, power companies used renewable energy (67.9 %), natural gas (21.6 %). coal (9.4 %), and oil  (1.1 %) to generate electricity in Colombia[6]. Hydropower is the dominant type of renewable energy used to generate electricity in Colombia.

In 2022, Colombia announced plans to develop the nation’s offshore wind potential. The government envisions Colombia can develop 1,000 MW of offshore wind projects by 2030.

Recent renewable energy projects in Columbia include:

  • 487 MW Solar Project – In July 2022, Italian utility Enel commenced work on the Guayepo I and II solar project at a site approximately 400 miles north of the nation’s capital, Bogota. The project is scheduled to be commissioned by year-end 2023.
  • 350 MW Offshore Wind Project – In March 2022, Danish company, Copenhagen Infrastructure Partners signed an agreement with Columbian electric utility, APBAQ to build an offshore wind project. The project is forecast to be commissioned by 2026.
  • 200 MW Offshore Wind Project In May 2022, Spanish company BlueFloat Energy announced plans to build the offshore wind project, Vientos Alisios. The project is forecast to be commissioned by 2027.
  • 187 MW Solar Project – Enel is continuing construction of the La Loma solar project at a site approximately 250 miles north-northeast of Bogota. The project is scheduled to be commissioned by year-end 2022.

Conclusions

In 1918, oil were discovered[7] in Colombia approximately 150 miles north of the nation’s capital, Bogota. In 2021, Colombia was the 20th largest oil exporting country[8] in the world.

Oil is critical to Colombia’s economy. In 2020, Colombia exported U.S. $7.46 Billion in crude oil and another U.S.$1.55 Billion in refined petroleum.

Colombia has vast undeveloped renewable energy resources, including hydropower, solar, onshore wind, offshore wined, and biomass. The country’s renewable energy resources could meet the country’s entire electricity demands.

Over the last few years, Colombia has been actively developing new renewable energy projects. Why? Economics, pure and simple. Colombia intends to use renewable energy for domestic power, preserving oil and natural gas resources for export.

Colombia is transforming it energy economy!

 Jack Kerfoot

Website – “Our Energy Conundrum”

www.jackkerfoot.com

 

Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio and television stations from New York City to Los Angeles on numerous energy related topics.

 

[1] Colombia Population (2022) –  July 28, 2022, www.worldometers.info

[2] The World Bank Group, Access to Electricity (% of Population – Colombia

[3] Gross Domestic Product By Country 2021 – Worldometer

[4] The Observatory of Economic Complexity (OEC) – Colombia

[5] Carbon Brief “Paris 2015: Tracking Country Climate Pledges”

[6] Our World In Data, Colombia: Energy Country Profile by Hanna Ritchie and Max Roser

[7] Oil In Colombia, by Juan Carlos, Echeverry, J. Navas, V. Navas, and M. Gómez, May 2008

[8] Crude Oil Exports By Country 2021 by Daniel Workman

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