What Will Ecopetrol Prioritize With its Investments?

Energy attorney Inés Elvira Vesga spoke with The Dialogue's Energy Advisor about what Ecopetrol's investment decisions reflect in terms of its ambitions for a green energy transition in Colombia. Ecopetrol, Colombia's majority state-owned oil company, announced that it will invest as much as 30 trillion pesos in 2023 to achieve energy security and financial stability. The company also stated that between 5.9 and 6.8 trillion pesos will be designated toward accelerating Colombia's green energy transition. Ms. Vesga explained how Ecopetrol anticipated the current trends of energy transition and environmental, social and governance (ESG), incorporated innovation in its business plan early on and is now a leader in energy transition projects in Colombia.

"Ecopetrol's investment plan reflects the development of a new corporate vision, which began in 2018, and today is contained in the 2040 Strategy 'Energy that Transforms,'" she said. "The pillars of this plan include competitiveness in the core business, decarbonization, clean energy, digitalization, sustainability strategies and community relations."

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