BogotA: Colombia says it is seeking US$40bil in investment to fund its ambitious plans to stop extracting fossil fuels 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% 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.

However, Colombia is in an impressive leadership position.

The country generates as much as 75% of its electricity from renewable energy.

This is more than twice the global average and significantly more than the 60% across Latin America and the Caribbean

It has been reported that the World Bank has said it is eager to help Colombia take the next step by using some of its low-cost solar and wind energy to produce hydrogen, a powerful gas critical in the fight against climate change.

It has the potential to “decarbonise” sectors where greenhouse gas emissions are hard-to-abate. 

 - AFP