Located in the North-West of South America, the Republic of Colombia has a strategic position in the region through its exit to the Caribbean Sea and the Pacific Ocean. Characterised by diverse climate and a rich biodiversity, Colombia is the second largest country in the South American region by population, and fourth by area (Worldometers, 2018). Despite the severe impact of the 2008 economic crisis, Colombia fast recovered and now is the fourth-largest economy in the Latin American and Caribbean region, being one of the most attractive destinations for FDIs since 2011. The national GDP grew from 117 billion 2018 USD in 2004 to 280 billion in 2016, accompanied by the increase in CO2 emissions of from 1.39 to 1.59 tCO2/ capita, corresponding to 77.7 Mton CO2 total emissions in 2016 (Emissions Database for Global Atmospheric Research, 2017).
