Colombia is set to be the first country to benefit from a new fund to help the roll-out of renewable energy across the world.

The Climate Investment Funds (CIF) will lend Colombia $70m at a low interest rate so that it can invest in its transition from dirty to clean energy.

The funds are aimed at infrastructure which helps get renewable electricity to communities and businesses including batteries to store renewable electricity, transmission lines to move it around and facilities to make green hydrogen with it.

The money comes from a $300m pot made up of one-off donations from the governments of the United Kingdom, Netherlands and Switzerland.

Other countries set to benefit with up to $70m each are Kenya, Mali, Fiji and Ukraine.

If rich nations give more, the next developing countries on the priority list are Brazil, India, Indonesia, Turkiye and Costa Rica.

The Colombian government expects the $70m will mobilise $280m more from multilateral development banks and carbon finance markets. It predicts the spending will save a total of 1.6 million tons of carbon dioxide from entering the atmosphere.

Colombia gets about three-quarters of its electricity from hydropower dams, a zero-carbon source.

The Colombian government plans to use the money for loans and guarantees to green projects.

Source: Climate Change News