UK Supports Colombia in Energy Transition

The United Kingdom is supporting Colombia in its energy transition away from fossil fuels. This is the result of the collaboration agreement signed a few days ago between the two countries in London, during the ceremony of the “Colombia Sustainable Investment Roadshow 2024”.

The document, the Energy Transition Action Plan, has among its main objectives to accelerate the end of coal-fired power generation. The agreement seeks access to innovative renewable energy projects and large capital funds.

The main thrust of the Colombia government’s policy

The Colombian government has the energy transition among its main axes of government action. Although the country is an oil producer and has significant gas and coal reserves, the progressive abandonment of these fossil fuels in favor of renewable energies has been an essential objective of the government of President Gustavo Petro.

The change has not been without controversy, as not all political and economic actors in the country take the same view of the administration’s idea to stop prospecting for new oilfields and reorient the public company Ecopetrol towards the production of green energy. In this sense, the agreement signed with the United Kingdom represents a new point of collaboration for the country, like those obtained with the European Union or the United States.

Accelerating the phasing out of coal-fired power plants and setting a date for the gradual and complete elimination of coal-fired power generation is one of the main objectives of the Energy Transition Action Plan (ETAP), which was signed today by the governments of Colombia and the United Kingdom.

“This action plan is of great importance for Colombia to promote renewable energy projects that, in times like the current climate emergency, are essential to contribute to the care of the environment and resources, reduce energy poverty and ensure energy security in the territories,” said the Minister of Mines and Energy, Andres Camacho.

These are joint strategies to accelerate the process of change that the country is undergoing, in a more sustainable model that contributes to the care of the environment, including advice from experts in offshore wind energy, energy communities and the gradual elimination of coal.

Colombia Sustainable Investment Roadshow 2024

The agreement was signed during the Colombia Sustainable Investment Roadshow 2024 ceremony in London on Tuesday, April 23, and includes a series of benefits for Colombia, including the exchange of experience and experts in public policy in low-emission energy sectors.

These actions are in addition to a broad and comprehensive cooperation portfolio between the Ministry of Mines and Energy and the British Government, through the Powering Past Coal Alliance, an international alliance of 182 countries, cities, regions and organizations.

It also seeks to structure the next phase in Colombia of the UK’s flagship climate cooperation program, Partnering for Accelerated Climate Transitions, ensuring that it continues to meet the country’s Just Energy Transition priorities.

Change in Colombia’s energy pattern

In the Colombian energy scenario, the use of coal, oil and gas plays an essential role. However, in the midst of the transition to cleaner sources, the country is seeking a balance between its natural resources and the need to reduce carbon emissions, a commitment made in all international environmental forums.

Coal has long been a pillar of the Colombian energy matrix, contributing significantly to electricity generation. However, its environmental impact has led to a rethinking of its role. Despite its availability, there is an effort to reduce its participation in favor of more sustainable sources.

As for oil, although traditionally associated with the oil industry, it is also used in power generation. However, its contribution is affected by factors such as the volatility of international prices and efforts to reduce emissions.

On the other hand, natural gas has stood out as a cleaner and more versatile alternative. Colombia has significant gas reserves, making it a key resource for the energy transition. Some criticisms of the government come from those who consider that stopping the search for new gas reserves could cause problems in power generation, since the gas currently available in the country will not last beyond 2025 or 2026, according to experts.

In this context, Colombia is at an energy crossroads. While coal remains an important part of its energy mix, the country is moving towards greater diversification and sustainability, with natural gas emerging as a key player in this transition. Colombia’s ability to effectively balance these resources will determine its trajectory towards a cleaner energy future.