Latin America Advisor
Energy Advisor
A Publication of The Dialogue
What Does Petro’s Plan to Decarbonize Colombia Involve?
Colombian President-elect Gustavo Petro has promised to cut fossil fuel production in Colombia in order to stem global warming. He is pictured with coal miners in Boyacá province. // File Photo: @petrogustavo via Twitter.
In his campaign, President-elect Gustavo Petro promised to “undertake a gradual de-escalation of economic dependence on oil and coal” in Colombia. Petro’s pledge to cut fossil fuel production in Colombia is part of his effort to address global warming, for which he is also planning to create a National Institute for Clean Energies. What will “keeping fossil fuels in the ground” mean for Colombia’s economy and fiscal stability? What role could state oil company Ecopetrol play in Petro’s energy strategy? Will Colombia’s Congress back Petro’s energy plans, and what sort of energy transition could be realistically expected in the Andean nation over the next four years of Petro’s term?
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José Vicente Zapata, partner at Holland & Knight: “While President-elect Gustavo Petro’s specific plans for mineral, oil and gas exploration and production are yet to be formally presented, it would appear that the economic relevance of these sectors will require a phased-out nonrenewable and phased-in renewables approach, as the president-elect has now begun to signal. Over the past few years, these industries have been able to factor in sustainable development goals as well as key regulations related to climate change recommendations. President-elect Petro has indicated that granted concessions will be respected and that the sanctity of contracts will be upheld; however, there will be no new concessions, particularly in the oil and gas sector. This policy may affect production estimates and reserves following President-elect Petro’s four-year term, but it’s clear that fossil…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Erik Brand, publisher of the Advisor, at ebrand@thedialogue.org.
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