Colombia could save US$40 billion in fuel import by accelerating electric vehicle adoption
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- Colombia could avoid 600 million barrels of oil equivalent and save about US$40 billion in fuel import costs through 2050 by accelerating BEV adoption.
- Carbon Tracker estimates that each new petrol car adds roughly US$6 k in lifetime costs, while a medium‑duty truck adds US$120 k, a heavy‑duty truck US$278 k and a bus US$350 k.
- China’s battery manufacturing expansion has cut battery prices by over 80 % since 2013, making EVs affordable for emerging markets like Colombia.
- Ben Scott notes that Colombia’s hydro‑dominant electricity (≈72 % clean) and low car‑ownership per capita give it a structural edge to transition to BEVs while phasing down $6.8 bn in fuel subsidies.
Why it matters: Colombia’s government and taxpayers gain a $40 billion reduction in fuel‑import spending and a $0.5 bn relief in subsidy shortfalls, while oil importers lose revenue; the shift also cuts health‑care costs and climate damage.
