In this Spanish article Brigitte Castañeda (from Universidad de los Andes) and Fabio Diaz discuss the challenges for an energy transition policy in Colombia. The current Colombian government is aiming to decarbonize its economy. However, in Colombia, oil and gas extraction represent 40% of exports, 20% of fiscal income and 76% of the funds allocated to local governments. This brings a dilemma regarding the challenges of financing its social agenda while aiming for the decarbonization of the economy.
The protection of the environment relates not only to the reduction of carbon dioxide emissions, but the protection and the expansion of the sources of absorption of carbon; the Amazon rainforest then, becomes an asset that can be expanded and protected. Yet protection and expansion objectives need to consider how initiatives for safeguarding these areas can actually benefit local communities, as opposed to only benefiting the traders of carbon bonds. Read the article (in Spanish).