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The South American nation’s left-wing government has announced it will not approve any new oil and gas exploration projects as it seeks to shift towards a more sustainable economy.
In June last year, ex-rebel Gustavo Petro won Colombia’s presidential election after one of the most contested campaigns in the country’s recent history.
Upon his victory, the long-time legislator and former fighter in the M-19 militia promised voters profound social and economic change, most notably a decline in Colombia’s excessive reliance on fossil fuels.
Staying true to his word, just a few months later and Petro has announced that his government will not approve any new oil and gas exploration projects as it seeks to shift towards a more sustainable economy.
‘We have decided not to award new oil and gas exploration contracts, and while that has been very controversial, it’s a clear sign of our commitment in the fight against climate change,’ Irene Vélez, the minister for mines, told world leaders at the World Economic Forum during a panel in Davos.
Explaining that the time had come for the South American nation to begin a greener chapter in its history, she added: ‘this decision is absolutely urgent and needs immediate action.’
It’s a move that many have warned against, considering that the radical policy is head and shoulders above what any other countries are doing and could likely amount in significant financial repercussions continent-wide.
Ironically, it has also been criticised by the environmental experts and activists Petro was keen to gratify with his initial campaign, those concerned by the increasingly high levels of deforestation in the Amazon, which is an integral buffer against climate change.
