Colombia is advancing a mining bill that would prohibit future coal exploration and production contracts.
This measure also opens the door for the government to take over mining assets in specific situations.
Colombia is South America’s leading coal producer, playing a pivotal role in the region’s energy sector and contributing significantly to the global coal market.
This initiative aligns with Colombia’s push towards “decarbonization.”
The public can currently review the bill draft on the Ministry of Mines and Energy’s website, though it’s not yet in Congress.
President Gustavo Petro, elected in 2022, committed to steering the country away from fossil fuel dependency.
His government has stopped issuing new coal and oil contracts, and this legislation would legally enforce a coal license ban.
At the COP28 summit in Dubai, Colombia aligned with countries calling to cease fossil fuel use.
Notably, coal and oil are Colombia’s leading exports, crucial for its export revenue.
The proposed law also suggests the government could seize mining assets to foster the country’s reindustrialization, energy transition, and public infrastructure efforts.
These assets should help generate jobs, adhering to fair labor standards. This law signifies Colombia’s serious stance on environmental protection and economic transformation.