On Wednesday, Colombia announced it is seeking $40 billion in investments to support its ambitious goal of halting fossil fuel extraction as part of its transition to a low-carbon economy.
The country’s first left-wing president, Gustavo Petro, last year halted all new concessions for oil, coal and gas exploration as part of his government’s commitment to combat climate change.
“We are shifting from rhetoric to practice by creating an investment portfolio that will aim to guide Colombia towards a low-carbon economy,” Environment Minister Susana Muhamad told an international forum in the northern city of Barranquilla.
Seven ministries will this week unveil projects aimed at accelerating Colombia’s progress towards its aim of becoming a net-zero emitter of greenhouse gases by 2050. Petro’s decision to shift away from fossil fuel extraction has caused controversy in the Latin American nation, where oil and gas account for 52 per cent of exports.
The opposition and some trade unions have called for a more gradual energy transition, arguing that a radical shift could tip the economy into recession.
