On October 25, 2024, during the XXII Ibero-American Conference of Labor Ministers in Bogotá, Colombian President Gustavo Petro announced his refusal to sign new contracts for oil and gas exploration. He expressed concerns that such contracts would jeopardize future generations, potentially leading to catastrophic consequences for humanity.
Petro, known for his environmental advocacy, criticized extractive economies and fossil fuels, stating they pose an existential threat. His stance has drawn sharp criticism from former Trade and Finance Minister José Manuel Restrepo, who warned that rejecting new exploration contracts could result in significant economic repercussions for Colombia.
Restrepo highlighted that the decision could threaten 5.6% of the country's GDP, 20% of fiscal revenues, 35% of foreign direct investment, 40% of Colombian exports, and 80% of royalties that fund social and productive investments in various departments. He emphasized that this move could undermine the economic and fiscal sustainability of the nation.
Petro's administration has positioned itself against fossil fuel reliance, despite Colombia contributing only 0.6% of global greenhouse gas emissions.