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27th October 2022

NACAG strengthens cooperation with the partner plant operator Monómeros in Colombia

NACAG takes further steps in cooperation with the nitric acid producer Monómeros in Colombia. From 19 to 23 September 2022, NACAG Secretariat and KPMG and Ongresso Energy representatives visited the production facility during the Due Diligence procedure. Monómeros, located in the Andean region, has a mitigation potential of 150.000 ton CO2-eq/year.

NACAG has commissioned First Climate, KPMG and Ongresso Energy to accomplish the due diligence procedure that partner operators have to undergo before signing the grant agreement that covers the procurement and installation of mitigation and monitoring equipment. The Due Diligence team assesses the plant’s technical, legal, financial and operational capacity covering environmental, social, health and gender safeguards. For NACAG, the due diligence procedure is a necessary step to identify risks for the cooperation. For the plant operator, it is an additional opportunity to get the perspective of leading international consultancies and learn with it.

Following the successful on-site visit, the independent consultant First Climate will evaluate the results and propose steps to improve the company’s operation. Monómeros is one of the four nitric acid production facilities that became eligible for funding after the Colombian government committed to permanent nitrous oxide abatement in February 2022. The political will for the industrial climate-friendly transformation marked an essential step in the cooperation between Colombia and NACAG.

Discover more on how the nitric acid producers in Latin America benefit from the due diligence procedure.

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