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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
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
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
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
SUSTAINABLETRANSPORT
ENERGY EFFICIENCY
RENEWABLEENERGY
SUSTAINABLECONSTRUCTION
The eligible categories
POLLUTION CONTROL ANDEFFICIENT USE OF RESOURCES
P.
07
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
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
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
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
POLLUTION CONTROL ANDEFFICIENT USE OF RESOURCES
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
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
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
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
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
SUSTAINABLETRANSPORT
P.
11
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
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
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
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
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
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
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
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
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
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
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
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
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
SUSTAINABLECONSTRUCTION
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
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
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
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
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
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
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
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
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:
SUSTAINABLETRANSPORT
ENERGY EFFICIENCY
RENEWABLEENERGY
SUSTAINABLECONSTRUCTION
POLLUTION CONTROL ANDEFFICIENT USE OF RESOURCES
(USD55 MILLION APPROX.)
(USD116 MILLION APPROX.)
(USD665,885 APPROX.)
IMPACTCASES
P.
23
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
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
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
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
RESULTS OFTHE PROJECT
AUTOCENTRO P.
25
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
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
RESULTS OFTHE PROJECT
DESCRIPTION OF THE PROJECT ENERGY EFFICIENCY
P.
26
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
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
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