What will pave the road to Colombia’s future? The country has been experiencing what some are calling an oil bonanza, with its oil production having surged 80 percent in the past seven years. It is estimated that the country will be extracting upwards of 1.6 million barrels of crude oil per day by 2016.
Colombia’s oil boom could prove to be the means for the country to gain world recognition, as well as provide the boost that its economy needs in the fight to overcome poverty. Short-term investors will discover Colombia to be fairly lucrative, but it is not oil that will pave the road to Colombia’s prosperous future.
As concerns about the environment rise around the globe, many countries are looking to abandon fossil fuels in favor of clean, renewable energy sources. The Obama administration has been preaching clean energy since day one, and many steps have been taken in the U.S., as well as in many other developed countries, to reduce their carbon footprint. It is Colombia however, that could have the brightest future in the renewable energy sector.
Colombia’s Energy Sector
According to a recent study by the World Bank, 70 percent of Colombia’s power generation is through hydropower. Even though hydropower is the most popular power source in the country, it remains largely untapped. The total hydropower potential within Colombia is estimated at 93GW, enough to generate sufficient power to meet the national demand 7 times over. The current hydropower usage sits at 9GW.
It is important to note however, that the potential for that much hydropower faces difficulties. Many of the best areas that could support dams and hydropower plants have already been developed, and the social and environmental costs associated with hydroelectric power are increasing.
Colombia’s other power sources include natural gas which provides 26 percent, coal at 3 percent, and other/wind power at 1 percent.
The Future of Wind Power
Colombia’s wind power remains largely untouched, and yet its wind power that could have the greatest potential. Of all South America, Colombia has the best geological conditions to provide stable wind power. Offshore regions of northern Colombia have been classified with class seven winds (winds over nine meters per second). The only other region in South America that has such potential is the Patagonia region of Chile and Argentina.
The Guajira Peninsula on the north-eastern tip of the country alone has the potential to generate 21 GW, enough power to provide for the country two times over. However, even with this rare wind potential Colombia has an installed capacity of only 19.5MW, a measly 0.4 percent of Guajira’s potential.
Why all the hype about wind power? It is arguably one of the most effective renewable energy sources; it is completely renewable and can never be depleted. It is cost competitive to other fuel sources, such as natural gas, and is the least expensive of all renewable energy sources. Once erected, wind energy systems require very minimal maintenance, and general up-keep on the turbines is incredibly cost effective.
Environmentally speaking, wind energy is clean. Wind turbines do not pollute the air or emit other harmful pollutants like fossil fuels. Just one wind turbine can displace over two thousand tons of carbon dioxide each year—the equivalent amount of one square mile of forest.
Needless to say, Colombia could have a very bright future with hydro and wind power.
Colombia’s Future as it Masters Renewable Energy
Using solely hydro and wind power Colombia could supply the energy necessary to provide for itself, as well as many of its neighbors in South and Central America. As Colombia taps into its unique natural resources its economy will receive a much needed long term boost, and its GDP has the potential to rise significantly. Renewable energy is the key for outside investors interested in Colombia.
Renewable energy is also the key for the Colombian people. As the government invests in renewable energy the country will have the means it needs to finally prosper. Once all of Colombia’s citizens have uninterrupted access to reliable energy, their economy will boost significantly and they will be well on their way to defeat poverty. With Colombia as an example, its neighbors which seem to be endlessly locked in political unease will also reap the benefits. Colombia’s growing economy will quickly cross borders. Reliable energy will finally bring light and knowledge to those who have never had access, and citizens will gain a better sense of their world identity.
Colombia could become a world power—not through its current oil boom, but rather by mastering their renewable energy sources.
This article was originally published in the 2013 special annual APEC CEO Summit Magazine. Published with permission.
Photo: KyleEJohnson (cc).
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Colombia’s Future as it Masters Renewable Energy
October 31, 2013
What will pave the road to Colombia’s future? The country has been experiencing what some are calling an oil bonanza, with its oil production having surged 80 percent in the past seven years. It is estimated that the country will be extracting upwards of 1.6 million barrels of crude oil per day by 2016.
Colombia’s oil boom could prove to be the means for the country to gain world recognition, as well as provide the boost that its economy needs in the fight to overcome poverty. Short-term investors will discover Colombia to be fairly lucrative, but it is not oil that will pave the road to Colombia’s prosperous future.
As concerns about the environment rise around the globe, many countries are looking to abandon fossil fuels in favor of clean, renewable energy sources. The Obama administration has been preaching clean energy since day one, and many steps have been taken in the U.S., as well as in many other developed countries, to reduce their carbon footprint. It is Colombia however, that could have the brightest future in the renewable energy sector.
Colombia’s Energy Sector
According to a recent study by the World Bank, 70 percent of Colombia’s power generation is through hydropower. Even though hydropower is the most popular power source in the country, it remains largely untapped. The total hydropower potential within Colombia is estimated at 93GW, enough to generate sufficient power to meet the national demand 7 times over. The current hydropower usage sits at 9GW.
It is important to note however, that the potential for that much hydropower faces difficulties. Many of the best areas that could support dams and hydropower plants have already been developed, and the social and environmental costs associated with hydroelectric power are increasing.
Colombia’s other power sources include natural gas which provides 26 percent, coal at 3 percent, and other/wind power at 1 percent.
The Future of Wind Power
Colombia’s wind power remains largely untouched, and yet its wind power that could have the greatest potential. Of all South America, Colombia has the best geological conditions to provide stable wind power. Offshore regions of northern Colombia have been classified with class seven winds (winds over nine meters per second). The only other region in South America that has such potential is the Patagonia region of Chile and Argentina.
The Guajira Peninsula on the north-eastern tip of the country alone has the potential to generate 21 GW, enough power to provide for the country two times over. However, even with this rare wind potential Colombia has an installed capacity of only 19.5MW, a measly 0.4 percent of Guajira’s potential.
Why all the hype about wind power? It is arguably one of the most effective renewable energy sources; it is completely renewable and can never be depleted. It is cost competitive to other fuel sources, such as natural gas, and is the least expensive of all renewable energy sources. Once erected, wind energy systems require very minimal maintenance, and general up-keep on the turbines is incredibly cost effective.
Environmentally speaking, wind energy is clean. Wind turbines do not pollute the air or emit other harmful pollutants like fossil fuels. Just one wind turbine can displace over two thousand tons of carbon dioxide each year—the equivalent amount of one square mile of forest.
Needless to say, Colombia could have a very bright future with hydro and wind power.
Colombia’s Future as it Masters Renewable Energy
Using solely hydro and wind power Colombia could supply the energy necessary to provide for itself, as well as many of its neighbors in South and Central America. As Colombia taps into its unique natural resources its economy will receive a much needed long term boost, and its GDP has the potential to rise significantly. Renewable energy is the key for outside investors interested in Colombia.
Renewable energy is also the key for the Colombian people. As the government invests in renewable energy the country will have the means it needs to finally prosper. Once all of Colombia’s citizens have uninterrupted access to reliable energy, their economy will boost significantly and they will be well on their way to defeat poverty. With Colombia as an example, its neighbors which seem to be endlessly locked in political unease will also reap the benefits. Colombia’s growing economy will quickly cross borders. Reliable energy will finally bring light and knowledge to those who have never had access, and citizens will gain a better sense of their world identity.
Colombia could become a world power—not through its current oil boom, but rather by mastering their renewable energy sources.
This article was originally published in the 2013 special annual APEC CEO Summit Magazine. Published with permission.
Photo: KyleEJohnson (cc).
