josé manuel restrepo abondano...energy p. 16 third green bonds report 2020 construction sustainable...

José Manuel Restrepo Abondano Ministry of Trade, Industry and Tourism

Javier Díaz Fajardo President of Bancóldex

Claudia María González Arteaga Chief Financial Officer

Jaime Buriticá LealHead of Treasury

Sustainable Developmentand MSMEs DepartmentBancóldex

Communications and Press OfficeBancóldex

Felipe CastellanosDesign

Colombia2020.

OUR PRESIDENTLETTER FROM

In this sense, green recovery has gained importance in different countries as one of the strategies

to overcome economic damages. This recovery is focused on stimulating the economy by financ-

ing projects that have an environmental component. The current economic and social situation

worldwide is the occasion to delve into a sustainable and environmentally friendly economic

model as it points out the importance of making this transition.

At Bancóldex we have been working for a

long time on implementing financial products

that allow future generations to live in better

conditions and achieve a more harmonious

relationship with the services that nature pro-

vides us. Thus, we issued green bonds on the

local market in 2017, and social bonds in 2018.

In the case of the green bonds, we seek to

boost companies' projects aimed at the transi-

tion towards an economy resilient to climate

change and low-carbon, along with sending a

clear signal to the market for more money to

be invested in sustainability.

Since 2017, we have managed to fund 308 proj-

ects that aim to reduce carbon emissions and

mitigate environmental impact. More than

half of these projects (159 projects) are

focused on energy efficiency issues, followed

by those aimed at pollution control and

resource efficiency (106).

Consequently, we are very proud to present

our results of the use of resources of the green

bond issuance during the year 2019, in line

with the Principles of Green Bonds estab-

lished by the International Capital Market

Association (ICMA). We hope, in 2020, to con-

tinue investing in the transformation towards a

sustainable economy, mitigating the impacts

and reducing emissions from the productive

sector in the country, investing in sustainable

businesses, while contributing to the econom-

ic development and growth of Colombian

companies such as welfare generation mech-

anism for all Colombians.

With these results, we hope that more inves-

tors will join this crusade and that we all can

be convinced that change is possible, that we

are still in time to achieve the established envi-

ronmental goals and that green, responsible

and profitable investments can bring us closer

to a future where we have a more responsible

use of natural resources and the environment.

By:Javier Díaz FajardoPresident of Bancóldex

P.

03

T H I R D G R E E N B O N D S R E P O R T 2 0 2 0

Bancóldex thanks the companiesthat participated in this report:

and our strategic partners in theissuance of the Green Bonds:

RESTAURANTECANTINA LA 15AUTOCENTRO ROYAL FILMS

pleased to present its progress report as of June 2020, with very

good results in the multiplication of green investments that serve

as an engine of transformation towards a sustainable economy

in which care and good environmental management prevail.

As of June 2020, with the resources of the bond, it has been pos-

sible to leverage financing for USD116 million ($ 436,916 mil-

lion pesos), that is, 2.18 times the amount of the original issue.

This gradually brings Colombia closer to its need to promote, by

2030, the calculated USD10 trillion required in investments in

green technologies to reach a goal of 450 parts per million CO2

(considered relatively safe) (Mackenzie et al, 2009).

From the issuance of the bond in 2017 to the end of 2020, the

resources of the bonds managed to leverage financing for 213

loans, which financed 308 projects and benefited 190 companies.

Thus, the mechanism was consolidated, demonstrating that the

financing of sustainable development is profitable and attractive.

Beyond these figures, these resources have allowed the Bank to

multiply its green financing programs, reaching a greater

number of increasingly diverse companies and projects, achiev-

ing greater penetration of the concept of green investments in

both the business sector and the financial system.

With the results of Bancóldex green bond that we proudly pres-

ent in this report, it is evident that resources do exist to invest in

green projects and businesses and that banks must dare to

innovate and create mechanisms to mobilize these resources.

We hope that more investors will join our purpose: financing

the shift to a decarbonized, sustainable and fair economy.

References:

Climate Bonds Initiative, 2020. “2019 Green Bond Market Summary”.

https://www.climatebonds.net/files/reports/2019_annual_high-

lights-final.pdf

TNC, 2014. "Investing in Conservation," NatureVest and EKO Asset

Management Partners, November 2014.

http://www.naturevesttnc.org/reports

INTRODUCTION P.

05


The projects financed or refinanced with the

resources of the Green Bond issue are classi-

fied within one or more of the categories

established in the framework document.

Likewise, the results presented in this report

are aligned with the Green Bond Principles

established by ICMA and have the positive

opinion of Sustainalytics, the largest indepen-

dent provider of sustainability research, analy-

sis and services for investors.

USE OF RESOURCES Lastly, the projects financed or refinanced

Click to view: GREEN BONDS FRAMEWORK

Click to view: SUSTAINALYTICS’ OPINION FILE

P.

06


https://www.bancoldex.com/sites/default/files/bancoldex_green_bond_framework.pdf

SUSTAINABLETRANSPORT

ENERGY EFFICIENCY

RENEWABLEENERGY

SUSTAINABLECONSTRUCTION

The eligible categories

POLLUTION CONTROL ANDEFFICIENT USE OF RESOURCES

P.

07


PROJECTSThis category includes construction, installation and opera-

tion of production control and monitoring systems to prevent

and mitigate the negative effects of business activities on the

environment.

POLLUTION CONTROL AND EFFICIENT USE OF RESOURCES

P.

08


PROJECTS TOreduce or manage liquid waste, within which

the following items have been financed:

low-water-consumption equipment, rainwater

collection systems, water reuse systems for

process water, wastewater treatment plants

and drinking water treatment plants. From this

group, 40 projects correspond to the imple-

mentation or optimization of wastewater treat-

ment plants (WWTP) and one corresponds to

a drinking water treatment plant (DWTP).

59

PROJECTS TOreduce or manage atmospheric emissions,

including systems to collect and control par-

ticulate matter, gases and smells (such as dust

extraction systems, filters, cyclones and gas

scrubbers), projects to optimize combustion

processes and minimize polluting CO2 NOx,

SO2 emissions, among others.

21

PROJECTS ONtree planting or reforestation, one of which

corresponds to a sustainable tree-planting

plan with 56,087 trees planted over a period of

6 years. This project has made it possible to

capture 29.9 tons of CO2 per hectare per year.

Another project has led to the reforestation of

water protection areas near to the company

and the development of reforestation pro-

grams with the main objective of promoting

the abortions of greenhouse gas emissions.

4

PROJECT ONcleaner production by substituting polypro-

pylene in the manufacturing of packaging for

the food industry.

1


USE OF RESOURCES

projects

PROJECTS TO21reduce or manage solid waste, including

investments in equipment to separate solids,

treatment systems, recovery and use of solid

waste to enable a lesser degree of soil contami-

nation and a reduction in loads sent to landfill.

Additionally, the use of residual material like

“fique” as raw material in the manufacturing of

new products and the use of “pork waste” as

organic fertilizer and as electricity generator

with the establishment of a biodigester. P.

09


TRANSPORTSUSTAINABLE

Under this category the projects include renewal, moderniza-

tion and modal shifts in transport systems towards zero or

low-emission transport.

PROJECTS

P.

10


COMPANIESacquired credits within the electric taxis pro-

gram for the city of Bogotá as part of the Plan

for Technological Advancement which aims

to reduce emissions of particulate matter by

replacing gasoline or gas vehicles with

zero-emissions vehicles.

10

projects

USE OF RESOURCES


P.

11


ENERGYEFFICIENCYThe goal for the projects in this category is the optimization

of electric or thermal energy consumption to improve produc-

tive processes.

PROJECTS

P.

12


USE OF RESOURCES

PROJECTS ONLED lighting, including three operations corre-

sponding to street-lighting projects. Two opera-

tions requested resources to operate under

the savings payment market model or the

ESCO (Energy Service Company) model,

where the beneficiary of the credit is the com-

pany providing the lighting project, and the

client pays the investment in the medium-long

term with the savings obtained.

69

PROJECTS FORtechnological modernization in air-condition-

ing which enables the substitution of old refrig-

erants for ones with a lower ozone-depletion

potential.

31

PROJECTS TOinstall energy measurement and control

systems, grouped into the following categories:

renovation of electrical substations, implemen-

tation of control systems for production pro-

cesses and systems for industrial services such

as lighting, air-conditioning and combustion

systems, among others. The establishment of

intelligent measurers in a group of households

that allow the reduction (up to a 30%) of energy

consumption per month is also included.

19

PROJECTS TOimplement or substitute thermal insulation to

optimize thermal energy use (whether hot or

cold), leading to a reduction in the energy

consumption of industrial systems.

8

PROJECTS TOoptimize combustion processes in order to

reduce fuel use in heating or steam genera-

tion processes.

9

PROJECTS ONenergy efficiency in processing equipment to

increase productivity and reduce energy con-

sumption.

8

PROJECTS ONrefrigeration, corresponding to projects to

update technology and implement refriger-

ants with a lower global warming and

ozone-depletion potential, in accordance with

current regulations in Colombia.

6projects

Some financed projects

incorporate more than one

e�cient technology.

ENERGY EFFICIENCY

P.

13


PROJECTS FORfurnace technology substitution, making it

possible to reduce energy consumption and,

therefore, GHG (Greenhouse Gases) emis-

sions. One of these projects is specially high-

lighted due to its use of recycled material in

the production process.

4

PROJECTS FORconversion to high-efficiency motors, contrib-

uting to a reduction in electric energy use.

7

PROJECTS TOimplement high-efficiency boilers.

3

PROJECTS ONenergy efficiency in compressed air systems

to replace outdated equipment.

3

PROJECTS ONwaste heat recovery to use the thermal energy

of exhaust gases that was previously released

into the atmosphere.

3

PROJECT ONefficient pumping, achieving a reduction in

energy use.

1

PROJECT ONenergy cogeneration which makes use of pro-

duction waste (biomass).

1

PROJECT ONthe design, development and certification of

hardware and software to control the con-

sumption and demand of electric energy and

its quality.

1

ENERGY EFFICIENCY

P.

14


ENERGYRENEWABLE

This category includes generation of electric or thermal

energy through renewable sources, such as wind energy,

solar energy, biogas (from biomass waste), small hydro-

electric plants with a capacity lower than 10 MW and

geothermal energy.

PROJECTS


P.

15

USE OF RESOURCES

PROJECTS TOgenerate solar photovoltaic energy for users of

the National Interconnected System (SIN, by

its Spanish acronym).

17

PROJECTS ONbiomass, of which three relate to the recovery

of biogas from solid waste, or the effluents of

waste water treatment plants, and one corre-

sponds to electric energy generation as well

as the change of a boiler that allows the use of

residual biomass from the process.

4 PROJECT ONdiesel substitution as fuel to generate elec-

tricity from the establishment of a small

hydroelectric plant.

1

PROJECT ONheating water with solar energy to supply hot

water for employees’ showers.

1

projects

RENEWABLEENERGY

P.

16


CONSTRUCTIONSUSTAINABLE

This category includes the design and construction of buildings that

fulfill sustainable construction parameters and guidelines to save water

and energy, in accordance with the Sustainable Construction Guide

established through Resolution No. 0549 of 2015 by the Ministry of

Housing, City and Territory.

PROJECTS

P.

17



USE OF RESOURCES

projects

PROJECTSSome of the 10 designs focused on the rede-

sign and modification of existing buildings to

make use of natural light and relocate some

areas. Other projects were directed towards

the use of facades to reduce the thermal load

inside the buildings and on the use of special

or recyclable building materials.

10Some projects include the establishment of

equipment that allow the efficient use of

water. All of the projects were structured

around the main objective of reducing water

or electric energy consumption in the build-

ings, and some even sought to achieve inter-

national certifications.

P.

18


IMPACT OF THE PROJECTSFINANCED WITH RESOURCES OBTAINED FROM BANCÓLDEXGREEN BONDS

of diesel not used to generate electricity.

of CO2e not emitted per year.

of carbon substituted for other fuel sources per year (biomass waste, natural gas, biogas, among others).

saved per annum in the consumption of electricity thanks to the establishment of energy e�ciency measures.

of electric energy generated per year from renewable sources for free of charge to the electric grid of the National Interconnected System (SIN, by its Spanish acronym).

of natural gas not used as a source of fuel per year.

30.485tons

360.000gallons

788.277m3

104.46GWh

504tons

120,46GWh

P.

19


Some projects may be classified in more than one of the eligible categories and therefore the total number of projects may di�er from the addition of the individual projects.

of natural gas not used as a source of fuel per year.

8.494m3

of CO2e not emitted per year.

575tons

of electric energy generated per year from renewable

sources for free of charge to the electric grid of the National Interconnected System (SIN, by

its Spanish acronym).

57.1MWh

saved per annum in the con-sumption of electricity thanks to the establishment of energy

e�ciency measures.

2,06GWh

DISTRIBUTION OF THE 16 PROJECTS

POLLUTION CONTROL ANDEFFICIENT USE OF RESOURCES RENEWABLE

ENERGY

ENERGYEFFICENCY

11

4

10

12

8

4

$51,81721 16

DISBURSEMENTS

18$2,788

MILLONES

4 YEARSPER OPERATION

THE RESULTS OFTHE PROJECTS FINANCED WITH THERESOURCES OF THEGREEN BOND

JUNE 2019 TO JUNE 2020

IMPACT OFTHE FINANCEDPROJECTS

2019

FINANCED PROJECTS

AVERAGEDISBURSEMENT

AVERAGECREDIT TERM

CREDITOPERATIONS

(USD741,704 APPROX.)

MILLION(USD14 MILLION APPROX.)

FINACEDCOMPANIES P.

20


the financing or refinancing of entrepreneurial projects and

activities eligible under the criteria mentioned above and in

accordance with the Framework. As of June 30th, of 2020 and

the moment this report was prepared, the total amount of the

issuance was assigned in green eligible operations.

RESOURCES MANAGEMENT

P.

21


The proceeds of the Green Bonds are solely aimed at financing or refinancing companies within the following five categories:

ELIGIBILITY CRITERIA

DISBURSEMENTS FOR

308 FINANCED PROJECTS

$2,503AVERAGE

DISBURSEMENT

MILLION

AVERAGECREDIT TERM

4.35 YEARSPER OPERATION

190FINACEDCOMPANIES

213MILLION$436,916

CREDITOPERATIONS

35%MSMEs

PORTFOLIO BALANCEAT JUNE 30TH, 2020

$207,465MILLION

22 DEPARTMENTSAND IN BOGOTÁ

Loans perdeparment

INAtlántico

Magdalena

Sucre

Córdoba

Antioquia

Chocó

RisaraldaQuindío

Valledel Cauca

Cauca

Nariño

Cesar

BolívarNorte de Santander

Santander

BoyacáCaldas

Cundinamarca

Tolima

Bogotá D.C.

MetaHuila

Caquetá

23

50

3535

9

8 84

4

4

4

3

33

32

2

2

1

1

12

6

106

1023

159

100

160

20

40

60

100

80

120

140DISTRIBUTIONOF THE 308PROJECTSSome projects may be classified in more than one of the eligible categories and therefore the total number of projects may di�er from the addition of the individual projects.

THE RESOURCES OF THE GREEN BONDS HAVE ALLOWED BANCÓLDEX TO FINANCE SINCE AUGUST 9, 2017 IN A CONSOLIDATED WAY:


ENERGY EFFICIENCY

RENEWABLEENERGY



(USD55 MILLION APPROX.)

(USD116 MILLION APPROX.)

(USD665,885 APPROX.)

IMPACTCASES

P.

23


RESULTS OFTHE PROJECT

Inspired by the balance of the traditional and in search of the

boldness that represents the contemporary, Cantina La15 awak-

ens in Colombia, an unforgettable artistic and gastronomic con-

cept, in which all the senses are revived and become witnesses

of an exclusive atmosphere that redefines without a doubt, the

tradition of the most select of Mexican cuisine. Provide a space

that stands out for the quality of service and experiences to the

palate through the mixture of Mexican and contemporary cui-

sine, with dishes made to the highest quality standards.

Project in energy efficiency and sustainable development con-

sisting of the installation of cold rooms for efficient cooling, the

installation of LED, installation of air conditioners of high efficien-

cy type, heat-concentrating equipment that saves 25% of energy

consumption compared to traditional equipment. Similarly,

water-saving equipment will be installed in bathrooms and taps.

DESCRIPTION OF THE PROJECT ENERGY EFFICIENCY

CANTINA LA 15RESTAURANT P.

24


Company of service workshop and original spare parts. Dedi-

cated to the repair of Diesel Engines, Automobiles - Electronic

Injection, Chassis for Automotive, Automotive Paints, Electron-

ic Synchronization and Automotive Mechanic Workshops.

Renewable energy project consisting of the installation of a

photovoltaic solar generation system.

DESCRIPTION OF THE PROJECT RENEWABLE ENERGIES


AUTOCENTRO P.

25


Company incorporated on October 25, 1974. Formed on the

basis of the desire to serve and improve the quality of life of

Colombians, they set out to find out what their needs were, espe-

cially those of Barranquilla in relation to healthy entertainment:

CINEMA.

Royal Films is a family society that started only with a theater in

the heart of the city of Barranquilla, but it was not enough to put

up new entertainment, but to form Colombia's fans as culture.

For this reason, over the years it has grown, expanding its hori-

zons, building new movie theaters and shopping centers, which

have allowed it to project itself into the future and have a pres-

ence among the top five film companies in Colombia.

The investments are destined to improve the current cinemas,

changing the air conditioning equipment with more efficient

technology, thermal wall covering that will allow energy savings

and the installation of LED lighting. In this way, it is expected to

improve the experience of users of movie theaters, at the same

time thanks to energy efficiency measures contributing to the

environmental sustainability of the company.

ROYAL FILMS


DESCRIPTION OF THE PROJECT ENERGY EFFICIENCY

P.

26


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josé manuel restrepo abondano...energy p. 16 third green bonds report 2020 construction sustainable...

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