Mecanismos financieros para la adaptación al cambio climático y su efectividad en la agricultura Colombiana

Abstract

This paper evaluates the effectiveness of sustainable financial mechanisms applied to the Colombian agricultural sector—specifically, Green Bonds, Sustainable Loans, and ESG Investment Funds—in their contribution to climate change adaptation. The research was conducted using a mixed-method approach, with an exploratory, descriptive, and correlational scope, combining qualitative and quantitative methods. Initially, a comprehensive document review was conducted to identify the main financial mechanisms and their relationship with the agricultural sector. From this, roadmaps were constructed describing the steps required to access each instrument and its applicability for small and medium-sized producers. Subsequently, a multicriteria analysis was conducted using the MCDA methodology, supported by Visual PROMETHEE software, which allowed for the evaluation of the financial efficiency and sustainability of the three mechanisms, based on criteria defined from the literature and expert judgment. The results showed that Green Bonds performed the best in terms of financial efficiency, while ESG Investment Funds led in sustainability. Sustainable Loans, for their part, are consolidating as a flexible alternative that can be adapted to both dimensions according to the producer or project context. The study identified several barriers that limit the effectiveness of these instruments, including low technical capacity in project formulation, institutional saturation in technical assistance, a lack of monitoring and evaluation systems, and a lack of fiscal incentives that encourage sustainable investment. In response to these challenges, the study proposes advancing technical capacity building, decentralizing assistance, creating green guarantee funds, and making financial schemes more flexible to adapt them to the country's production and climate specificities. In conclusion, the results demonstrate that there is no single financial mechanism that simultaneously maximizes efficiency and sustainability; therefore, its effectiveness depends on the strategic coordination between them. The study highlights the need to strengthen public policy and the fiscal framework to incentivize sustainable investment and promote a transition toward resilient agriculture adapted to climate change in Colombia.