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Development of the Energy Savings Insurance (ESI) Program and Expansion of Technologies (Colombia-BANCOLDEX)



COUNTRY: Colombia

PROJECT: Development of the Energy Savings Insurance (ESI) Program and Expansion of Technologies (Colombia-BANCOLDEX)

DESCRIPTION: The ESI Program was first piloted in Colombia with BANCOLDEX, thanks to the Clean Technology Fund (CTF). The program implements mechanisms to ensure energy savings for SMEs by replacing energy equipment and productively inefficient. The program aims at promoting investments in energy efficiency in the hospitals and private clinics sectors and was successfully launched on June 1st 2016. Currently it covers technologies such as boilers, air conditioning, cogeneration, solar thermal for domestic hot water and expansion is expected in areas such as photovoltaic solar and lighting. It is expected to support about 104 firms (90 hotels and 34 clinics/hospitals) investing in energy efficiency projects and reducing about 13,977 tCO2e/year. The program financing strategy combines a medium and long term financing line with adequate conditions for energy efficiency projects (supply of financing) with a series of non-financial and risk sharing instruments supporting the identification and structuring of a robust pipeline of technically-robust, bankable, energy efficiency projects (demand of financing), including a performance contract for energy efficiency projects, adequate protocols for the monitoring, reporting and verification of energy savings, and an energy savings insurance/surety product. The Program is starting to get attention from all relevant stakeholders in the local market where 36 participants from Local Financial Institutions (LFIs) have already been trained. In the last months, BANCOLDEX has advanced significantly in socializing and a promoting the Program through capacity building workshops with in-depth technical explanation of the methodology templates, standard contract and validation process with technology providers, associations and hotels and clinics and by identifying pilot projects that start benefitting from the Program. This socialization has been made in nine (9) of the most relevant Colombian cities (Barranquilla, Cartagena, Santa Marta, Cali, San Andres, Bucaramanga, Cucuta, Medellin and Bogota), with around 400 participants with at least eleven (11) hotels identified for this Program’s portfolio. SURA, as the insurance entity and ICONTEC, as the Validator entity of the Program, have committed resources and know-how to support BANCOLDEX on this Promotion. Also, SURA has planned a new promotion of their Insurance product with all the prospective clients and providers for the next months.

INICIATIVE: Financial Mechanisms for Sustainable Energy - Green Finance - 


  • IDB/CTF/Danish Government $200,000

PROJECT TYPE: Technical cooperation



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