Friday, October 20, 2023.
Today we will talk about Colombia, which a few years ago regulated its carbon market, covering all sectors of the economy. Furthermore, a few days ago the country was cited in a report by the Working Group Unidroit - World Bank, due to the way it relates voluntary with regulated market. And a spoiler, tomorrow we will have an extra post of the "Carbon World News" series, dealing with the newest country in South America to approve its legislation on carbon credits: Paraguay (which triggered Unidroit's Working Group with a 2022 consultation about the legal nature of carbon credits).
In December 2021, Colombia approved its "Law 2169, which promotes low carbon development in the country through the establishment of goals and measures in terms of carbon neutrality and climate resilience”.
With its 38 articles and more than 30 pages (click at the image below) the law is very complete, including all emitting sectors, from mines and energy to agriculture.
Title IV deals with the promotion and development of carbon markets, emissions reporting, the "Registro Nacional de Reduction de las Emisiones y Remoción de Gases de Effecto Invernadero (RENAREJ)".
It also refers to the government's strengthening of the carbon market "as a driver of the national economy".
Click here for a very complete newsletter (Spanish) and here for an equally interesting Q&A, both from the Colombian Ministry of the Environment.
As mentioned above, a few days ago Colombia was cited for the way it relates voluntary and regulated markets. More specifically, "Verra certifications can be used to offset up to half of its tax liability associated with the Colombian carbon tax" (page 11, footnote 32).
Also interesting is that there already exists a "Colombian Association of Actors of the Carbon Market", Asocarbono.
Finally, great publications (in Spanish) by Grupo Bancolombia:
