Could Colombia be the first oil-rich country to ditch fossil fuels?

The South American nation’s left-wing government has announced it will not approve any new oil and gas exploration projects as it seeks to shift towards a more sustainable economy.

In June last year, ex-rebel Gustavo Petro won Colombia’s presidential election after one of the most contested campaigns in the country’s recent history.

Upon his victory, the long-time legislator and former fighter in the M-19 militia promised voters profound social and economic change, most notably a decline in Colombia’s excessive reliance on fossil fuels.

Staying true to his word, just a few months later and Petro has announced that his government will not approve any new oil and gas exploration projects as it seeks to shift towards a more sustainable economy.

‘We have decided not to award new oil and gas exploration contracts, and while that has been very controversial, it’s a clear sign of our commitment in the fight against climate change,’ Irene Vélez, the minister for mines, told world leaders at the World Economic Forum during a panel in Davos.

Explaining that the time had come for the South American nation to begin a…