Case study summary

National oil companies (NOCs) are pivotal in the global energy landscape. They hold nearly 60% of the world’s oil and gas reserves and are responsible for more than half of the oil and gas production. This underscores the significant role NOCs can play in the energy transition and their potential impact on achieving net-zero targets.

Among forward-thinking NOCs, Ecopetrol stands out for its substantial investment in green energy. The Colombian oil and gas giant is committing US$1.23 billion to accelerate its transition efforts. This investment aims to enhance its exploration of renewables and hydrogen, improve energy efficiency, and develop carbon capture technologies. Ecopetrol is also channelling funds into Interconexión Eléctrica (ISA), the Colombian power transmission company.

These strategic plans align with Colombia’s climate objectives and reflect the pathways being explored by some Latin American countries. The continent is emerging as a significant player in the renewable energy sector and has the potential to be a key contributor to the global shift towards low-carbon hydrogen—an essential component in the pursuit of net-zero emissions worldwide.

Organisations involved: Ecopetrol, ISA

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