On July 27, 2018, the Colombian Congress issued Law 1931, “By means of which the guidelines for the management of climate change were established” (the “Law”).
The purpose of the Law is to define the guidelines for the management of climate change applicable to both, public and private entities. Said guidelines aim at: (i) conducting actions for the adaptation to climate change and the mitigation of the greenhouse gases; and (ii) promoting a competitive, sustainable and low carbon economy. Please find below some of the most relevant issues of the Law:
- The Law establishes the principles that are applicable to the management of climate change.
- The Law defines various concepts on climate change.
- The Law creates the national system of climate change.
- The Law defines the information systems on climate change.
- The Law establishes the economic and financial instruments for the management of climate change.
Finally, the national government will issue the regulation applicable to the Law within a maximum term of three years.
The Law will be in force from the date of its promulgation.