Petro noted on his X profile that the state-run energy company Ecopetrol loses profitability if the international oil price falls below 50 dollars a barrel.

In his opinion, his nation will be displaced from the market because it only offers heavy crude, which puts the country at a disadvantage compared to those that can sell lighter hydrocarbons.

The president also asserted, “This is the first phase of the unplanned global energy transition; we are the first to lose. Oil investments are already short-term and speculative, because in the long term, the world will not demand oil or coal.”

He said, “Colombia needs an Ecopetrol transformed into Ecoenergy, which would be a major global exporter of clean energy. We have already started. The solution is to move to exporting clean energy now. “

He also stated that ISA, the Colombian energy transmission business group, must assume its responsibility and prioritize electrical interconnection with Panama, Venezuela, and Ecuador.

To stimulate electricity generation through renewable energy sources, the country launched “Colombia Solar,” a government program that seeks to transform the country’s energy model, bring clean energy to the territories, and reduce the cost of service for the lowest-income segments.

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