What Does Petro’s Plan to Decarbonize Colombia Involve?
Energy attorney José Vicente Zapata was interviewed for an Energy Advisor article on Colombia President-elect Gustavo Petro's promise to decarbonize the country and decrease its economic dependence on oil and coal. 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. His plans raise questions about their effects on Colombia's economy and fiscal stability. Mr. Zapata said this policy may affect production estimates and reserves following Petro’s four-year term, but he added that it’s clear that fossil fuels will not remain in the ground for the next four years, given the number of valid concessions executed to date. He also talked about Petro's long-term energy strategy.
"With respect to Colombia’s energy transition, this will continue to be an opportunity, as long as it does not sacrifice the mining, oil and gas sectors’ generation of income, which is required to fund the proposed reforms," he said.