‘Stopping oil exploration is social suicide’: former President Duque

The World Economic Forum is an international non-governmental organization based in Cologne (Switzerland)which meets annually in Davos (Switzerland), and which, above all, is known precisely for its annual assembly in the latter location.

(See: Debt swap for nature, the Minambiente proposal in Davos).

There the main business leaders meet, political leaders internationals, as well as journalists and intellectuals to analyze the most pressing problems facing the world.

In the 2023 edition of the Forum, Colombia has given something to talk about. And it is that the Minister of Mines and Energy, Irene Vélez, expressed, this Thursday, January 19, that the country will not sign more contracts for oil and gas exploration.

“We know that very soon those who import coal will no longer be importing and we need to quickly generate an alternative economy,” Velez said.

(See: Brazil and Costa Rica advocate for greater union in the region).

The line of work that will be taken for this decision, added the ministeris very consistent with an energy policy different from what has been seen in the country, which is what he wants to achieve according to the president Gustavo Petro.

Precisely, after Vélez’s statements, the president supported her and assured that the energy transition can be done in a short term.

(See: President of Ukraine calls for more speed in supporting his country).

For former president Iván Duque, whothat Colombia stop exploring for oil and gas, “means a kind of economic and social suicide“.

He said that more than 75% of our energy matrix depends on water and steps have been taken as a society so that between 14% and 20% of the electricity produced in the country derives from non-conventional renewable energies, mainly photovoltaic.

Duque said that oil and gas represent more than 40% of our exports, more than 30% of direct foreign investment and is one of the main sources of market capitalization in our stock market and one of our main sources of foreign currency for the economy.

For Duke, there are no products that can replace such weight in the short and medium term.

The former president pointed out that Colombia is moving towards the transition and can do so by living with oil and gas while maintaining its reserves and said that to maintain that reserve, more exploration is required.

“If exploration stops, the message we are giving to investors around the world is that Colombia’s main source of income is going to disappear and that is going to generate uncertainty, concern and a large outflow of capital from our country. It is necessary to prevent these messages from being given, because they are wrong messages and have nothing to do with the energy transition”, highlighted the former president.

The former candidate presidential Enrique Gómez said through his Twitter account Twitter that this ad is ‘irresponsible’.

“Irene Vélez, from Davos, says that there will be no more natural gas exploration. The declaration of ruin for Colombia is now international. An absolute lack of connection with reality”said the conservative leader.

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For his part, the former Vice Minister of Justice Rafael Nieto expressed through the social network: “What will the Ministry of Finance say? The consequences for the economy will be devastating. More devaluation, less taxes and royalties, less jobs, more poverty!”

The Radical Change Party criticized that Irene Vélez will not let the Minister of the Treasury, José Antonio Ocampo, whom he characterizes as the “firefighter minister.”

“Once again he came out with that he is not going to sign new oil and gas exploration contracts, as well as coal mining contracts. Dollar rising at 3,2,1”, it is read in the message that the community public on their social networks.

For his part, Francisco Lloreda, director of the Colombian Petroleum Association, he asked himself: “Who understands the Government: while the president of Ecopetrol affirmed in Davos-Switzerland that the country must continue exploring and producing oil and gas, in line with the Ministry of Finance, the Ministry of Energy says that there will be no new exploration contracts. Finally what?”.

While Federico Gutierrez, former presidential candidate, said: “The irresponsibility of the Petro government and its Minister of Mines and Energy has no limits. They condemn Colombia to have to import gas from Venezuela. They condemn the poorest to pay more for gas and fuel. Energy transition YES, but in a responsible way “.

Senator Paloma Valencia He also joined the questions. For her, “We will continue emitting GHG but the economic benefit will be for the dictator of Venezuela.”

“They compromise the country’s energy future, and allow the developed countries – which have already taken their oil and gas out – to continue being the ones who perceive the wealth”he pointed out on the matter.

Congresswoman María Fernanda Cabal argued that with these claims “They do not tire of promoting the destruction of the energy mining sector and the country’s economy.”

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