Colombia made a significant move two years ago by stopping the development of new oil and gas reserves, and now the country is looking to invest $40 billion to help transition away from fossil fuels. Oil and coal make up over 50% of Colombia's exports, but experts warn that these reserves will be depleted in a few years.
Seeking Global Support
In order to offset the expected financial hit, Colombia is counting on backing from developed nations and multilateral development banks. The nation is also known for being one of the most biodiverse places on Earth.
With its commitment to climate protection, Colombia is conveying a crucial message to the world. Susana Muhamad, who serves as the Environment Minister and is currently leading COP16 (the United Nations Conference on Biological Diversity), is a strong advocate for these initiatives.
Investment Portfolio Focused on Alternatives
The investment portfolio is oriented towards sectors that could potentially replace the income generated by oil.
- Susana Muhamad, Colombia's Environment Minister and COP16 President
Susana Muhamad, who is pivotal in Colombia's shift in energy policy, highlights the necessity of climate solutions that are rooted in nature, the advancement of clean energy, and the electrification of transport. She also points to sustainable tourism among other important areas.
Biodiversity Goals at COP16
At COP16, biodiversity initiatives showcased Colombia's all-encompassing approach. The nation has two major targets: to cut greenhouse gas emissions by 51% by 2030, and to attain CO2 neutrality by 2050, aiming for a renewable energy capacity of 19 GW, which includes projects like offshore wind farms. Colombia is one of 13 nations that have endorsed the Fossil Fuel Non-Proliferation Treaty, complementing the Paris Agreement.
Fossil Fuel Treaty | Bloomberg | Gov.Co | Cbd.Int | Afd'
