Prioridades y brechas de inversión para una Transición Justa en Colombia

Abstract

The Just Transition (JT) seeks the decarbonization of the economy and the construction of sustainable and resilient societies. This implies solutions to generate decent jobs, closely related to transition and a social change that supports it. In the JT, the impact reduction of vulnerable populations is also sought.

In the governmental instances of Colombia, there are efforts in terms of public policy. However, there are barriers associated with the availability of resources (the financial gap to achieve the goals proposed in the NDCs is close to 80%). The destinations of the resources are the identification and measurement of impacts, the design of policies to compensate for them, and to evaluate their success. Financing is found in the public sector (67%), in the international sector (25%), and in the private sector (8%) - which can be favored by the Green Taxonomy of Colombia. In addition, there are other sources with the potential to contribute to the JT including Bonds for special fines and carbon taxes. To strengthen JT in Colombia, it is necessary to use the same resources destined for mitigation and adaptation, manage the volatility of public resources to achieve sustainability of the transition and establish high-level working groups to coordinate and align different sectors and their priorities. Likewise, the government should send clear signals in public policies and metrics, strengthen green bonds and the carbon market, use Colombia's Green Taxonomy to align resources with climate objectives and establish clarity on the destination of international resources and the implementation of the projects.