Colombia to Propose Debt-for-Climate Swap in EU-CELAC Summit

On Friday, Colombian President Gustavo Petro confirmed his participation in the 3rd Summit of Heads of State and Government of the European Union (EU) and the Community of Latin American and Caribbean States (CELAC), which will take place in Brussels on July 17 and 18.

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In this high-level meeting, he will present his main government proposals, such as the achievement of total peace, the use of clean energy, the fight against poverty, and the debt swap for climate action.

Petro will arrive on Saturday at the airport in the Belgian capital accompanied by Foreign Affairs Minister Alvaro Leyva, Mining Minister Irene Velez, and Trade Minister German Umañana to prepare for his participation in the summit of heads of state on Sunday.

"The EU-CELAC Summit is projected as a historic occasion to bring together European, Latin American and Caribbean leaders, in order to renew and strengthen relations between the two regions, after almost a decade of absence of bi-regional dialogue at the highest level political," the Colombian Presidency said on Friday.

Petro's attendance is particularly relevant given that Colombia is expected to assume CELAC's pro tempore presidency in 2025 and host the next summit.

"This fact constitutes a recognition of the leadership of President Gustavo Petro for his efforts aimed at such issues as the Latin American integration, the green transition, regional energy interconnection and integration, the fight against climate change, the new approach to the problem of drugs, migration, and food and health sovereignty", the Presidency said.

Colombia wants to bring the potential "of Latin America and the Caribbean in the production and export of clean energy, such as green hydrogen, and to encourage the European Union to become a strategic partner of the region."

Besides talking about the decarbonization of economies, Petro will emphasize the importance of the debt swap for climate action, a policy that will allow Latin American countries better access to financing resources to face this challenge.

It is expected that the EU-CELAC Summit's declaration includes an express reference of support for the implementation of the 2016 peace agreement and the ongoing peace negotiations, which would positively impact the promotion of the European Fund for Peace.