Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding with Colombian state-owned oil company Ecopetrol to explore opportunities in clean energy.

The two parties will strengthen cooperation in a variety of sectors, including the supply chain of hydrogen and ammonia, carbon capture with permanent storage (CCS), carbon dioxide capture, usage and storage (CCUS), and and renewable energy.

As a technology, CCS separates and captures carbon dioxide that would become greenhouse gas and stores it in deep waterbeds or geological formations, while CCUS captures, stores and utilizes carbon dioxide.

Ecopetrol is engaged in the oil and gas value chain business both within and outside of Colombia. Under its plan to achieve net-zero carbon emissions by 2050, the firm aims to expand green hydrogen and renewable energy projects.

In September 2021, the Colombian government published its Hydrogen Roadmap, which is a plan for the production, utilization, and exportation of hydrogen until 2050.

The country aims to become a world leader in the production for green and blue hydrogen by utilizing its rich water resources and natural gas.

In its Fourth Medium-Term Business Plan released in June 2021, JBIC aims to contribute to energy transformation towards the realization of a decarbonized society. It also released its ESG Policy released in October 2021, in line with the international goals to achieve the objectives of the Paris climate agreement.