Why Gustavo Petro’s Fossil Fuel Plan is Bittersweet for Colombian Businesses

 

Newly elected Colombian President Gustavo Petro has pledged that “the world needs an immediate withdrawal from the oil and gas industry”, marking a huge step towards net zero emissions. Starting by cutting back production significantly in his own country, Petro’s plan is not being received well by local communities who are feeling the full force of layoffs.

By far one of the most fossil fuel dependent countries committing to a green agenda, the transition will not be easy for local businesses and employees, but it is hoped the long-term benefit will eventually overshadow this initial struggle. Here is what Economist Tim Snyder at Matador Economics had to say on the state of Colombia’s transition.

“As newly elected President Petro announced that the world needs to immediately withdraw from the oil and gas industry, Petro and economists and the nation’s first ever elected leftist pledge to keep the country’s fossil fuel resources in the ground. Petro has strong ties to South American neighbor Venezuela and has committed to work with their government. In early October of this year, he also committed to US Secretary of State Lincoln to follow the lead in working to cancel fossil fuels completely. In Northern Columbia.

The multinational conglomerate Glencore recently closed two of its Columbian coal mines. Since the closer of the area has seen a drop of more than 7,000 jobs from a workforce of 7,300. Contractors, left town, restaurants, close cafes, close hotels close, and other businesses closed. The local branch of the country’s largest coal miners War Union says as a result, one municipality lost 85% of its income.

In contrast, Columbia’s one of the nation’s leading producers of coal globally, and its economy is heavily dependent upon fossil fuels. A recent publication shows between 40 and 50% of Columbia’s exports are coal and oil taxes and dividends from the sectors.

Partially state-owned oil company, Ecopetrol, the largest company in the country, account for more than 9% of the central government’s income.”

 

Follow us on social media for the latest updates in B2B!

Image

Latest

Brand experience with APL
Stepping into the Future at Shoptalk 2024: Creating a Flagship Brand Experience with APL
March 28, 2024

The customers of today are no longer satisfied with mere products; they crave brands that provide immersive, distinctive, and tailored brand experiences. Athletic Propulsion Labs (APL) epitomizes this shift, setting a new standard in the luxury performance market with its innovative athletic footwear. APL’s newly opened flagship boutique in Soho, with its artisan plaster walls […]

Read More
Balancing professional growth and personal well-being
Routines, Rituals and a Mission-Driven Approach: MarketScale’s CRO Tim Maitland on Balancing Professional Growth and Personal Well-Being
March 28, 2024

In a world that often demands the relentless pursuit of success, finding the sweet spot between professional growth and personal well-being can seem like an elusive goal. As we navigate the complexities of modern work-life dynamics, the conversation around maintaining this balance has become more pertinent than ever. In this episode of Growthwell, we […]

Read More
marketing careers
The Impact of AI on Marketing Careers
March 28, 2024

In this episode of The Marketing AI SparkCast, host Aby Varma, a B2B Marketing Leader and the Founder of Spark Novus, sits down with Matt Gill, the Founder and Managing Partner of MICA Consulting Group. Spark Novus is a consultancy specializing in strategic AI adoption in marketing. MICA is a leading boutique national marketing […]

Read More
healthcare cybersecurity
Continued Threats Require a Major Shift in Healthcare Cybersecurity Risk Perception
March 28, 2024

Recent cyberattacks on healthcare institutions have thrust cybersecurity from a back-office concern to the forefront of the healthcare industry’s agenda. A significant breach at Change Healthcare disrupted essential services, underlining the vulnerability of healthcare networks to such threats and the dire consequences for patient care. Government and industry responses have stressed the importance of […]

Read More