Colombia’s government is eager for post-fossil fuels economy. But costs are a barrier

Associated Press

BOGOTA, Colombia (AP) — The main goal of this year’s United Nations climate talks in Azerbaijan is to establish just how much wealthy nations will contribute to help the developing world cope with climate change and transform their energy systems. The challenge can be seen in Colombia, where the government has been seeking a shift away from fossil fuels since leftist President Gustavo Petro took office in 2022. Petro calls oil and coal “poisons” and argues his country needs to move into green energy for long-term economic stability. But doing so will require Colombia to overcome the same challenge every developing nation faces — their borrowing costs are much higher than those that wealthier nations face.