Colombia seeks $40 billion to fund energy transition

Colombia announced plans to attract $40 billion in investment to support its transition from fossil fuels to a low-carbon economy. Under President Gustavo Petro, the government halted new oil, coal, and gas exploration last year, reinforcing its commitment to combating climate change.

Environment Minister Susana Muhamad revealed that seven ministries will launch projects aimed at making Colombia a net-zero emitter by 2050. The move has sparked debate in the country, where fossil fuels account for 52% of exports. Critics argue that a more gradual transition is needed to avoid economic disruption.