Accelerating the Energy Transition in Colombia Renewable Energy Auctions

Virtual

Colombia is becoming a regional leader in the promotion of energy transition and its contribution to climate action. Its participation in the initiative Renewable Energy for Latin America and the Caribbean (RELAC) is a clear example of the motivation to spearhead a clean transition throughout the region. At a national level, Colombia’s efforts to accelerate the energy transition can be reflected in rising ambitions of higher renewable energy shares, other than hydropower. For instance, the country set a renewable energy target for non-hydropower sources of 1.5 GW by 2022 and to help achieve this goal, it became the latest Latin American country to deploy renewable energy auctions. As of November 2021, it has conducted three rounds of auctions.

In 2021, IRENA and USAID developed the report on Renewable energy auctions in Colombia: Context, design and results analysing the design elements and prices outcomes of the renewable auctions in Colombia. The case study identifies best practices and areas of improvement for future renewable energy auctions in the country. This virtual event aims to showcase the case study on the Colombian renewable energy auctions and at the same time, serves as a platform for stakeholders in Latin America and the Caribbean to discuss different renewable energy auctions design elements, identifying challenges, opportunities and the way forward on national and regional efforts to decarbonise the energy sector and the pathway to a net-zero energy future.

Objectives

 
  • Discuss and identify key design elements that led to successful renewable auctions in Colombia, leveraging on the key findings outlined in the report.
  • Highlight upcoming plans for renewable energy auctions in Colombia, highlighting lessons learnt from the past process.
  • Promote a forum for regional multi-stakeholder dialogue to identify best practices in the development of renewable energy auctions in Latin America.
  • Discuss the alignment of auctions with national efforts and regional initiatives in promoting a just energy transition for Latin America and the Caribbean.
  • Draw lessons from renewable energy auctions in Latin America for IRENA members around the world who are accelerating energy transition with renewables.