Thursday, September 28, 2023

Ecopetrol will increase investments in renewable energy

Colombian oil company Ecopetrol (NYSE: EC), which recently rang the bell on the New York Stock Exchange is committed to investing in green energy without abruptly abandoning its core hydrocarbons business CEO Ricardo Roa said Monday in New York, where he met with investors to celebrate 15 years of listing on U.S. exchanges.

The company aims to generate half of its profit (before taxes and other items) from low-emissions business by 2040, up from 20% currently, Roa said.

Ecopetrol with green winds

Ricardo Roa was with his team at the New York Stock Exchange on Monday, where they discussed the challenges and future of the Colombian company.

Most of Ecopetrol’s (EC) investments remain in the conventional energy sectorwith an increasing share reserved for cleaner alternatives, including natural gas, the executive said.

Fossil fuels will continue to be an important part of Ecopetrol’s (EC) energy mix due to their reliability as the company expands into solar, wind and renewable fuels while reducing Colombia’s dependence on hydropower, it said. Roa.

Colombian President Gustavo Petro, who took office a year ago, has stopped issuing new oil and gas exploration licenses as part of his commitment to reduce dependence on fossil fuels. This means Ecopetrol (EC) must focus on developing 11 existing offshore licenses.

However, President Petro of Colombia is being urged to promote new and existing exploration contracts.

These statements give hope, but also raise concerns among investors. The drop below $90 a barrel of oil led to a drop in oil inventories, including from Ecopetrol, over the last day.

In summary, it is the largest company in Colombia “The plan is to push for clean energy as long as fossil fuels remain important.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news