February 24, 2024 - Colombia proposed a mining bill that will ban new exploration and production contracts for coal and allow the expropriation of mining assets in certain circumstances, Bloomberg News reported Feb. 19.

The proposed legislation aims to push forward the decarbonization goals of Colombia, which is the top coal producer in South America, according to the report. The draft bill, which is open for comments on the country's Energy and Mines Ministry's website, has not yet been forwarded to Congress.

The administration of President Gustavo Petro, which took office in 2022 with a pledge to reduce Colombia's dependency on fossil fuels, has refused to sign new coal and oil contracts. The proposed bill will ban new coal licenses by law.

The proposed bill also requires expropriating mining assets to "contribute to the country's reindustrialization, energy transition, agricultural development and public infrastructure" and "generate direct qualified and unskilled jobs in decent conditions," among other items.