Colombia's left-wing government has announced that it will no longer approve any new oil and gas exploration projects, as it aims to shift towards a sustainable economy and away from fossil fuels. Irene Vélez, the Minister for Mines, announced at the World Economic Forum in Davos that it was time for the Andean nation to move away from its dependence on oil and gas and to start a new, greener chapter in the country's history. Vélez stated, "We have decided not to award new oil and gas exploration contracts, and while that has been very controversial, it’s a clear sign of our commitment in the fight against climate change.” The decision has been met with criticism from economic analysts who argue that halting oil exploration will not decrease global demand for fossil fuels, but will instead harm Colombia's economy.