![]() The rise of green politics implies tough choices in a region whose economies depend on oil and mining. “The market didn’t like these remarks, given the importance of oil both for national output and the current account,” Banco de Bogota said in a note. The peso weakened the most in emerging markets on Friday, to as low as 4,015 per dollar, as traders reacted to Petro’s comments. While such a global alliance would not be a new concept - world leaders have been meeting for years to try to cut fossil fuel dependence - it is unusual for a developing country that’s highly dependent on energy exports to be so enthusiastic about sacrificing its biggest source of foreign currency. Petro said he recently spoke to Spain’s Prime Minister Pedro Sanchez about his proposal. It may not include Mexican President Andres Manuel Lopez Obrador, who he said favors extractive industries. ![]() Such an alliance will hopefully include Chile’s president-elect Gabriel Boric, and Brazil’s Luiz Inacio Lula da Silva, he said Thursday. Senator Petro, 61, said his vision involves “a grand coalition of powers that can speak much more strongly in a global context to fight against climate change, and to transition Latin America toward economies that are decarbonized, productive and based on knowledge.” If Colombia immediately halts oil exploration, but continues to produce the crude it’s already drilling, it would have 12 years to manage the transition, he said in an interview from Bogota. Oil and coal currently account for nearly half of Colombia’s exports, but Petro says if he becomes president this year, he’ll push to start phasing out these industries in favor of a knowledge-based, tourism-driven economy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |