Can Colombia's green energy plan succeed without fossil fuel cash?
(Context, 14 Mar 2023) Colombia has stopped issuing new oil exploration contracts - but will it last in an economy heavily dependent on fossil fuels?
Colombia's bold plan to phase out the country's reliance on oil and coal revenue as part of its clean energy transition will likely take decades due to a lack of consensus and uncertainty over how to replace that cash, economists and analysts said.
Gustavo Petro, Colombia's first leftist president, who took office in August, has pledged to prioritize fighting climate change and promoting renewable energy over fossil fuels.
As part of the new government's push towards a low-carbon economy and to meet its climate commitments under the Paris Agreement - including reducing greenhouse gas emissions by 51% by 2030 - it recently announced it would not award any new oil exploration contracts or build new large-scale open pit coal mines.
"The Petro government has a good chance to create an energy transition policy so that change can happen and be consolidated in the next 15 to 20 years," said Giovanni Pabón, energy director at Transforma, a think-tank on climate action.
Context, 14 Mar 2023: Can Colombia's green energy plan succeed without fossil fuel cash?