Joint statement by the Government of Colombia, the UK government, and the CFLI on mobilizing climate finance in Colombia
Published 19 May 2022
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Statement from the Ministry of Finance Colombia, Colombia’s National Planning Department, ProColombia, the UK government, and the Bloomberg-led Climate Finance Leadership Initiative (CFLI).
The governments of Colombia and the UK welcome the launch of the Climate Finance Leadership Initiative (CFLI) Colombia. Led by UN Special Envoy for Climate Ambition and Solutions, Michael Bloomberg, the CFLI convenes leading companies to mobilize and scale private capital for climate solutions.
CFLI Colombia co-chairs, Juan Carlos Mora Uribe, CEO of Bancolombia, and Mario Pardo Bayona, CEO of BBVA Colombia, who were invited by the CFLI, will work with domestic and international financial sector leaders to rapidly accelerate private climate finance flows in support of Colombia’s Nationally Determined Contribution (NDC).
These private sector organisations form the CFLI Colombia Membership and will work together through the CFLI to concentrate action on accelerating private climate finance flows in Colombia, a critical market for climate action and opportunity.
CFLI Colombia will be supported by the Ministry of Finance and Public Credit of Colombia, the National Planning Department of Colombia, ProColombia, and the UK government, as well as a secretariat led by the CFLI, the Global Infrastructure Facility, and the City of London Corporation. Each party will contribute to this shared mission through their respective strengths and roles. CFLI Colombia will engage regularly with the governments of Colombia and the UK to report progress and draw support for new capital mobilisation solutions.
CFLI Colombia will work with its members, Multilateral Development Banks (MDBs) and policy makers to accelerate financial and policy solutions to move capital into bankable sectors critical to achieving Colombia’s climate mitigation and adaptation goals outlined in the NDC. It will also build on existing bilateral collaboration on green finance delivered through the UK-Colombia Partnership for Sustainable Growth. CFLI Colombia will enable this by 2 core tracks:
1. Directly catalyzing private investment at scale via existing or new equity financing vehicles, co-created with local stakeholders and tailored to Colombia’s market needs; and
2. Collaborating with the government of Colombia and MDBs to address a targeted set of sector-specific policy opportunities to strengthen the enabling environment for private capital in Colombia.