Colombia Roundup: Repatriation from Lebanon, biological diversity, natural gas discovery

Sustainable energy

Colombia is taking significant strides toward a low-carbon economy by seeking US$40 billion in investments aimed at ceasing fossil fuel extraction. President Gustavo Petro has implemented a halt to new oil, coal, and gas exploration, reinforcing the nation’s commitment to combat climate change. Environment Minister Susana Muhamad unveiled an investment portfolio during an international forum, outlining projects from seven ministries that target achieving net-zero greenhouse emissions by 2050. This initiative, while controversial due to the reliance on oil and gas for 52% of exports, is grounded in the fact that Colombia already generates 75% of its electricity from renewable sources, eclipsing the global average. The Star reports that the World Bank has also expressed interest in aiding Colombia’s hydrogen production initiatives, leveraging its renewable energy resources.

Repatriation from Lebanon

Over 100 Colombians were safely repatriated from Lebanon via a humanitarian flight, facilitating a collaborative effort between the Colombian government and various local and international agencies. India Today reports that this vital initiative showcases the importance of international cooperation during crises, offering relief to those affected by recent regional events.

Biological diversity

From November 21 to December 1, Colombia will host a pivotal Biodiversity Summit in Cali, marking the first Conference of the Parties to the Convention on Biological Diversity since the Kunming-Montreal Global Framework was adopted in 2022. Under the leadership of President Gustavo Petro, the Colombian government will present an updated Biodiversity Action Plan aimed at countering the global loss of biological diversity. The plan sets forth three strategic goals: restoring five million hectares of ecological sites, implementing conservation strategies for 34% of national territory, and allocating between 0.8% and 3% of GDP to support biodiversity economic models. This initiative underscores Colombia's dedication to environmental preservation, categorising it as a fundamental priority in the National Development Plan, Radio HC reports.

Telecommunications

The Colombian telecoms industry is experiencing growth that surpasses the overall economy, as reported by BNamericas on October 4, 2024. This expansion reflects a broader trend, impacting over 31,000 projects and involving 39,000 global companies throughout Latin America. Subscribers to BNamericas benefit from comprehensive analyses, reports, and news available in a multitude of languages.

Natural gas discovery

Ecopetrol SA has announced the discovery of a substantial offshore natural gas deposit in the Papayuela well, which has the potential to yield up to 800 million cubic feet of gas per day. This discovery could satisfy up to 80% of Colombia’s current gas demand, according to RigZone. Although the well, located in the Tayrona block, is still in the preliminary stages and may take 5 to 7 years before it reaches productivity, it addresses impending concerns regarding a forecasted natural gas shortfall anticipated next year. In response, Ecopetrol plans to repurpose Colombia’s Central Oil Pipeline to facilitate gas transport, creating a vital distribution alternative from the Caribbean coast to the interior.