The general objective is to contribute to the sustainability of Colombia's energy sector through policy reforms that will ensure the efficient supply of electric power in the National Interconnected System (the national grid) and the non-interconnected zones, to reduce the sector's vulnerability to the effects of climate change and increase access to electric power. The specific objectives are to: (i) ensure a macroeconomic setting consistent with the program's objectives; (ii) help guarantee energy supply from the national grid by diversifying the energy matrix with non conventional renewable energy sources and increasing international trade in energy, while establishing measures to increase and guarantee the supply of natural gas for power generation, to manage energy demand, and to optimize the functioning of the wholesale energy market; and (iii) promote access to energy in the non-interconnected zones through the use of non conventional renewable energy sources.This operation is the second of two consecutive independent but technically linked loan operations being financed under the programmatic policy-based loan modality.
The two components of the project are:
Component I. Macroeconomic stability. The objective of this component is tomaintain a macroeconomic setting consistent with the program’s objectives, asestablished in the Policy Matrix and the Sector Policy Letter.
Component II. Support for the reliability of power supply from the national grid. The objective of this component is to help ensure a reliable, efficient, and sustainable power supply by: (i) diversifying the energy matrix with NCRE and increasing international energy exchanges; (ii) strengthening the functioning of the wholesale energy market with measures to increase and ensure a reliable supply of natural gas for electricity generation and to manage demand; and (iii) strengthening the gender focus in the sector. This component’s measures and actions are aligned with the government’s strategy to diversify the energy matrix with NCRE, ensure the grid’s reliability by strengthening internationalinterconnections, and launch policies and projects that guarantee the reliability of natural gas supply for the power sector, implementation of demand management measures, and strengthening and modernization of the regulatory framework for the wholesale energy market.
ACCOUNTABILITY MECHANISM OF IADB
The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).