BOGOTÁ, Colombia — A green iguana rests above the letters spelling Ecopetrol at the headquarters of Colombia’s largest company, located in the heart of Bogotá, the capital city. In 2021, this petroleum giant became the first in the oil and gas industry in Latin America to pledge a commitment to achieve net-zero carbon emissions by 2050. Yet, a recent investigation shows that the company’s operations appear far less green than the color of its iguana logo suggests. Under President Gustavo Petro, Colombia has positioned itself as a green leader in the region, and in 2023 announced it would halt new oil and gas exploration contracts. The same year, Petro replaced the longtime CEO of the 88% state-owned oil company with his campaign manager, Ricardo Roa Barragán (who the Colombian National Electoral Council is investigating for excessive campaign spending), and tasked him with accelerating the green transition. However, a newly released report reveals that Ecopetrol has systematically underreported its emissions, covered up environmental damages from both Colombian authorities and international shareholders and collaborated with national security forces and armed groups. The report suggests the company has wielded undue influence over regulators and targeted environmental leaders perceived as threats to its operations. Ecopetrol operates petroleum refineries across Colombia, Brazil, Peru and the United States and is listed on the New York Stock Exchange. Its minority shareholders include BlackRock Inc., Vanguard Group Inc. and JPMorgan Chase & Co. The investigation portrays how the company’s sheer size and economic significance seem to have rendered…This article was originally published on Mongabay
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