Inter-American Development Bank, Japan, award $1.5 million to Colombia for biofuels market development

February 8, 2008

In Colombia, The Inter-American Development Bank awarded $1.5 million grant to the Government of Colombia for the development of a long-term plan to generate renewable energy.

The grant was composed of $922,000 from the Bankâ€™s Japan Special Fund and $594,000 from the Japanese Trust Fund for Consultancy Services, and will include a market study for biofuels and a pilot program to encourage energy efficiency among small entrepreneurs. promote investment in sustainable energy and biofuels projects in Colombia. The grant will be supervised by the Colombian Ministry of Mines and Energy.

IDB released A Blueprint for Green Energy, prepared by Garten Rothkopf, seeks to cut through the hype surrounding biofuels, and alternative energy writ large, and present an objective, fact-based analysis of the region’s global competitive position looking forward to 2020. It includes the most extensive study done to date on the global biofuels market, including 50 countries. “A Blueprint for Green Energy in the Americas” offers a strategic blueprint for IDB activities in the region, to serve as the basis for even more focused and policy-oriented studies in the future.

The growth of biofuels will favor countries with long growing seasons, tropical climates, high precipitation levels, low labor costs, low land costs, as well as the planning, human resources, and technological know how to take advantage of them. Latin America and Caribbean, led by Brazil, already produces 40% of the world’s biofuels and is uniquely positioned to take advantage of this growing industry.

An Inter-American Development Bank (IDB) regional study examines biofuel opportunities in Barbados, Jamaica and Guyana. The report discussed the 6 million gallon ethanol target for Barbados, to cover domestic needs, which could be produced from sugar cane.

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Written by Jim Lane · Filed Under International, Policy