Colombia wants to fuel its transition away from oil and gas with an investment plan worth $40 billion that should replace revenues from hydrocarbon exports.
Back in 2022, when he came to power, Colombia’s president Gustavo Petro pledged to shift Colombia’s economy away from oil, coal, and gas, in favour of lower-carbon energy alternatives. At last year’s COP28, Petro became the first leader of a large energy producer to vow phasing out hydrocarbons endorsing a call for something called a Fossil Fuel Non-Proliferation Treaty. Also at COP28, Petro announced Colombia’s transition policy, which at the time had a price tag of $32 billion.
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