COLOMBIA PROMOTES ENVIRONMENTAL CONSERVATION AND ECONOMIC GROWTH
- Posted by Colombia
- On Monday October 14th, 2019
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Colombia is the first country in Latin America to launch the “National Strategy for Circular Economy” (“CE”) with the dual goals conserving the environment while enhancing economic growth. CE consists of a model favoring the 3 R’s “reduce, re-use and recycle” particularly within the current supply chains of goods consumed in the country through the efficient management of materials, water and energy. The Colombian government is seeking through the CE policy to increase rate of recycling and re-use of waste amounts to 17.9% by 2030. CE also uses incentives designed to generate a series of investment and entrepreneurship opportunities in the country.
The Ministry of Environment and Sustainable Development, the body responsible for leading the implementation of CE, announced the government is interested in using economic incentives to increase the re-using of waste and discarded materials. The Decree 2412 of 2018 created the “Incentive for the Use and Treatment of Solid Waste” (“IAT”) to benefit companies who contribute to recycling and better handling of waste starting on August 1, 2019.
Colombia is also pushing to increase renewable energy. The National Development Plan, a legal framework that guides the actions of the Colombian government and public policy, enshrines into law the existing tax benefits for the investment and implementation of renewable energy. Law 1715 of 2014 introduced benefits to obtain a tax deduction for investments made in renewable energy. Currently the deduction applies for 5 years following the investment but the National Development Plan seeks to extend the deduction to 15 years.
In conclusion, Colombia is advancing a variety of policies to protect the environment and create favorable conditions for investment. Increasing and extending tax incentives are targeted to further attract investors and entrepreneurs. The Colombian economy as a whole is attracting more and more capital and investment from abroad, during the first four months of this year foreign direct investment by 22.6% compared to the same period of 2018. Colombia is ripe for new investors and particularly for investors concerned with the environment.
SRS Colombia, with its broad portfolio of immigration and destination services, is an ally of multinational companies who care about implementing sustainability policies to preserve the environment.
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