Tourism with Purpose: New Green Loans for a Biodiverse Colombia
Tourism with purpose: New green loans for a biodiverse Colombia
A new green finance initiative is reshaping Colombia’s tourism sector—protecting nature while powering sustainable growth.
Project summary
Tourism is crucial to the Colombian economy. In 2023, it generated over 872,000 jobs and around represented 2.3% of Colombia’s GDP. In 2024, the number of non-residents visiting Colombia rose by 12.8% relative to the previous year. If growth continues at this rate, it must be sustainable, especially since Colombia’s rich natural heritage remains the main draw for visitors.
Addressing this issue, we partnered with Banco de Bogotá to create new green financial products specifically for tourism businesses.
Purpose of the partnership
Sustainable tourism can generate huge, nature-positive outcomes and is one of eco.business Fund’s key target sectors.
Our partner, Banco de Bogotá, wanted to both increase its positive environmental impact and expand its sustainable-tourism portfolio.
We worked with the bank to develop new green financial products that encourage tourism businesses to adopt sustainable practices. These included embracing ecosystem conservation, energy efficiency improvements and clean technologies.
How we worked together
First, Banco de Bogotá needed to increase its understanding of the sector. We conducted a diagnostic report on the tourism sector, which included a study of where the bank can best deliver an environmental impact. We designed a Sustainable Tourism Taxonomy and a methodology for assessing tourism projects’ biodiversity impacts, aligned with Colombia’s national taxonomy.
We also helped the bank identify tourism projects with strong biodiversity conservation potential and developed a model to incorporate biodiversity conservation into financial decision-making.
We then collaborated with both the bank and the Colombian Hotel and Tourism Association (Cotelco) to optimize new financial products. We also provided training for bank officers, so they were ready to advise clients about sustainability.
At Banco de Bogotá, we recognize the transformative power of tourism for Colombia's economy. Our innovative proposal champions a shift towards truly sustainable models, powered by green finance, designed to drive the adoption of sustainable tourism practices, ensuring the safeguard our invaluable ecosystems and fostering shared prosperity, all while rigorously adhering to global sustainability standards.
César Prado, CEO Banco de Bogotá
SDGs supported
SDG 8
SDG 13
SDG 15
SDG 17