Colombia

Colombia's Constitutional Court denied on Monday propositions from the financing ministry to modify a ruling that overruled a restriction on oil and mining companies subtracting royalties from their taxes, in a relocation the leftist federal government has said will require a boost in the 2024 financial deficit. The government of President Gustavo Petro had asked the court to postpone enforcement of a previous decision - which said companies can make the reductions in 2023 and 2024 - instead asking that reductions just be enabled from 2025, among other suggestions. The federal government argued the deductions will have a financial impact...

Colombia's bulk stateowned energy business Ecopetrol is examining its potential direct involvement in the Andean nation's. firstever overseas wind auction, the business stated in a. statement to . The government of President Gustavo Petro, Colombia's very first. leftist leader, has said it wants to wean the Andean country. from its reliance on fossil fuels while ensuring energy. self-sufficiency. Bidders in the auction for concessions off the country's. Caribbean coast are required to demonstrate some sort of. partnership agreement with a public or mixed-ownership company -. such as Ecopetrol - in order to be awarded a concession. But it had not...

Colombia anticipates to attract $ 10 billion in foreign investment from Europe this year, particularly in renewable energy, Finance Minister Ricardo Bonilla said throughout a see to London. We are discussing financial investments for $10 billion to start, which will assist us settle crucial and tactical projects, Bonilla told journalists together with British authorities. Ecopetrol is at an essential moment to make tactical alliances in the effort to build green hydrogen, he said, referring to Colombia's bulk state-owned energy business and including that there are conditions for financial investment in hydrocarbons to move into renewable resource. Foreign direct investment in...

Colombia will aim to loosen up guideline on gas exploration and supply to satisfy its needs in 2026 and 2027, Mines and Energy Minister Andres Camacho said on Wednesday. The South American nation needs to solve a gas deficit in the middle of rising need, with measures to include buying more liquefied gas and potentially importing from surrounding Venezuela. We have actually been working to make regulative terms more flexible and ensure enabling conditions to advertise off-shore gas this year so that we can advance in the supply plan needed in 2026 and 2027, Camacho stated at an event organized...

Latin American oil and gas manufacturer GeoPark said on Thursday it had sent a binding offer to get a nonoperated working interest in unconventional blocks in the Neuquen Basin in Argentina from an unnamed seller. The company stated the seller has actually accepted its offer of around $ 200 million and an additional $110 million to $120 million over a 2 year period for certain exploration activities. GeoPark stated the 2 business were working on an exclusive basis on the deal, which is expected to close in the 3rd quarter and right away contribute more than 5,000 net barrels of...

5 people were killed and one is missing out on after a fire on Wednesday at a Perenco oil platform off the coast of Gabon, the AngloFrench oil company stated in a declaration on Thursday. Following the incident which took place yesterday at the Perenco Simba field offshore Gabon, the fire has been snuffed out and the website has actually been safely secured, Perenco stated. We deeply are sorry for to validate that there have actually been five fatalities and a single person is still missing out on. The mishap happened on Wednesday afternoon at the Becuna platform throughout a...

The world must make peace with nature or threat fueling more global conflicts like the war in Gaza, the president of the upcoming United Nations COP16 biodiversity summit stated on Friday. The October summit in Colombia is charged with negotiating next steps to carry out the landmark 2022 Kunming-Montreal accord - likened to the Paris Agreement on climate modification, however for nature - in order to deal with the drastic decline in biodiversity globally. Environment modification, deforestation, contamination and habitat damage have actually resulted in a 69% decrease in worldwide wildlife populations given that 1970, according to not-for-profit WWF. Colombia's...

Government determines to damage illegal roadways around Colombia's Amazon rainforest are stalled, 8 sources told , with one operation suspended completely over concerns it could hold up peace talks between rebels and President Gustavo Petro's administration. The building and construction of roads through rain forests in Colombia by rural neighborhoods, livestock ranchers and illegal armed groups is a. major contributor to deforestation, ecological specialists and. researchers state. That is particularly vital in the Amazon, which. takes in substantial amounts of carbon that adds to environment. change and is already a focus of issue. There are at least 12 prohibited roadways...

Government determines to damage prohibited roadways around Colombia's Amazon rainforest are stalled, 8 sources told , with one operation suspended completely over concerns it might set back peace talks in between rebels and President Gustavo Petro's administration. The construction of roadways through jungles in Colombia by rural communities, livestock ranchers and illegal armed groups is a. major contributor to logging, ecological specialists and. scientists state. That is particularly critical in the Amazon, which. absorbs substantial quantities of carbon that contributes to climate. modification and is already a focus of concern. There are at least 12 unlawful roadways in and around....

Coffee importers have increased the rate of shipments recently, looking for to avoid problems after December when the European Union's Guideline on Deforestation Free Products (EUDR) participates in force, said the International Coffee Organization (ICO) on Wednesday. ICO Executive Director Vanusia Nogueira stated coffee stocks at producing nations are falling as importers hurry to send the beans to countries in Europe, ahead of the new legislation that will deny entrance of agricultural products produced on deforested land. Importers are speeding up deliveries because there are questions about the law that the Europeans didn't answer yet, stated Nogueira on the sidelines...

The environment phenomena known as El Nino and La Nina, which bring waves of heat, cold, rain or drought, will be more regular and extreme in coming years, after South America suffered the most extreme El Nino in decades, weather professionals said on Thursday. According to the Ecuador-based International Center for Research study on the El Nino Phenomenon (CIIFEN) and the Peruvian meteorology and hydrology company SENAMHI, the current El Nino was among the 5 greatest because 1950. The pattern has actually changed a lot, stated Yolanda Gonzalez Hernandez, director of CIIFEN, at a press conference after a. meeting of...

A political push to raise the firstever Amazonia Bond has actually increase throughout talk with agree a roadmap, yet the possibility of an offer this year faces technical hurdles and scepticism amongst some of those entrusted with handling the financial obligation, sources informed . Brazil, Colombia, and Ecuador are amongst a group of countries in talks with advancement banks to launch a specifically supported structure to raise billions of dollars of low-priced financing to protect the world's greatest rainforest. Proposed by the Inter-American Advancement Bank and World Bank in 2015, is for the first time reporting the progress being made,...

Colombian authorities have took more than seven million gallons of petroleum in raids on prohibited refineries, in an operation targeting production of bootleg fuel in Norte de Santander province, the police stated in a declaration on Monday. The fuel is refined from crude oil stolen from pipelines by criminal gangs and is a crucial active ingredient in drug production. It can also be blended with gas or diesel and utilized to run equipment at prohibited mining operations, police say. The nationwide authorities are committed to safeguarding nature, understanding it's an indispensable resource for society, and the battle versus organized crime,...

Tropical forest loss decreased in 2015, however other indicators show that the world's. woodlands remain under tremendous pressure, according to an. analysis launched on Thursday by the Global Forest Watch. monitoring task. Damage of forests helps drive international climate change. Because trees take in climate-warming carbon dioxide and shop it. as carbon in their wood, that greenhouse gas is launched when. the wood rots or burns. This damage likewise endangers. biodiversity because of how many plant and animal species call. forests home. Here are key takeaways from Global Forest Watch's yearly. forest loss data. TROPICAL FORESTS FARED BETTER The loss...

Deforestation in Colombia's. Amazon region is forecast to have decreased by 25% to 35% in. 2023, Environment Minister Susana Muhamad said on Monday, while. warning that proof reveals that damage has increased so. far in 2024. Colombia is one of the world's most biodiverse nations,. with countless plant and animal species calling its. communities home. Nevertheless, like in other places in the region, it loses. swathes of forest to deforestation each year. While Colombia's deforestation decreased by around 29% in. 2022 - the most recent numbers available - that still meant some. 1,235 square kilometers (477 square miles) of forest...

The U.S. Chamber of Commerce stated on Thursday it has actually filed a claim against the U.S. Securities and Exchange Commission's brand-new guidelines that need public business to report climaterelated dangers. Business lobbying group joins a list of entities challenging the securities regulator over guidelines intended to standardize climate-related company disclosures about greenhouse gas emissions, weather-related risks and how they are preparing for the shift to a low-carbon economy. The last guideline makes substantively harmful changes to 50 years of business governance precedent that will have ramifications well beyond this single guideline, stated Tom Quaadman, executive vice president, U.S. Chamber...

Colombia's liquefied natural gas (LNG) imports hit a record high in April and soared by 1,200% yearonyear in the very first 4 months of 2024, data from monetary company LSEG showed on Thursday. Last month imports of the superchilled gas reached a record 0.45 billion cubic meters (bcm) a marked difference from no import in April 2023, LSEG data showed. The El Nino weather pattern arrived in the Andean country at the end of 2023, causing high temperatures and droughts that led to forest fires throughout the Andean country and pushed reservoirs to their least expensive levels in decades. The...

Latin America is on the cusp of a critical developmental phase for its solar power generation sector that could see it leapfrog Southern Asia and The United States and Canada to end up being the world's second biggest center for solar generation behind eastern Asia. The region has 176,172 megawatts (MW) of solar capacity in pre-construction as of completion of 2023, according to Global Energy Screen (GEM). That volume is 2nd only to the 246,011 MW in the same development category in eastern Asia (China, Japan, South Korea and Taiwan), and would result in a fivefold increase in Latin America's...