Joint strategies of Fintech and ESCOs for sustainable development
DOI:
https://doi.org/10.15649/2346030X.5280Keywords:
Climate change, crowdfunding, digitization, energy service companies (escos), financial technologies (fintech)Abstract
The climate transition, the progressive digitization of goods and services, and the challenges in obtaining financing for small and medium-sized enterprises (SMEs) in Colombia define the global and national landscape. Therefore, this research aims to explore how financial technologies (Fintech) and energy service companies (ESCOs) can collaborate to overcome the financial obstacles Colombian SMEs face while cooperating in climate change mitigation efforts. The results identified that ESCOs could play a vital role in implementing clean energy projects, energy efficiency, and renewable energy, especially in SMEs. However, their capacity to do so is restricted by financial difficulties. Simultaneously, it was observed that the Fintech sector in Colombia had experienced a significant increase, particularly in crowdfunding, providing innovative financial alternatives that could assist SMEs and ESCOs in overcoming their financial challenges. One of the conclusions is that the Fintech sector, through crowdfunding, has the potential to play a catalytic role in overcoming the financial barriers faced by SMEs and ESCOs in Colombia. It could facilitate further development and implementation of energy efficiency and renewable energy projects, thus contributing to the country's efforts in climate change mitigation.
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