Colombia invests $40 billion to phase out fossil fuels and stops new oil production

Colombia halted the development of new oil and gas reserves two years ago and now wants to invest $40 billion to facilitate the transition to independence from fossil fuels. Oil and coal account for more than 50 % of Colombia's exports, but reserves will run out in a few years.

To compensate for the financial losses, the country is hoping for support from industrialized countries and multilateral development banks. Colombia is also one of the countries with the greatest biodiversity in the world.

With its decision in favor of climate protection, Colombia is sending an important message to the international community. Susana Muhamad, Colombia's Environment Minister and President of the current COP16 (United Nations Conference on Biological Diversity), is particularly committed to this.

The portfolio of investments is around developing sectors that we think could start replacing oil revenues.

- Susana Muhamad, Environment Minister of Colombia and President of COP16

Susana Muhamad, the driving force behind Colombia's energy transition, emphasizes the importance of nature-based climate solutions, clean energy and the electrification of transport, as well as sustainable tourism and other issues.

Biodiversity projects presented at COP16 underline Colombia's comprehensive strategy. Two specific goals of the country are to reduce greenhouse gas emissions by 51 % by 2030 and to achieve CO2 neutrality by 2050 with a capacity of 19 GW of renewable energy, for example through offshore wind power plants. Colombia is one of 13 countries that have signed the Fossil Fuel Non-Proliferation Treaty, which complements the Paris Agreement.