SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
gustavo petro
To Lead on Climate, Colombia's Petro Must Oppose Trade Framework That Impedes Action
Investor-state dispute settlement has become a powerful weapon for multinational firms to challenge policies aimed at phasing out fossil fuels, often resulting in massive financial penalties for states that attempt to regulate or transition their economies.
Mar 24, 2026
As Colombia prepares to host the world’s first Global Conference on Transitioning Away from Fossil Fuels this April, a powerful coalition of more than 220 leading economists, legal scholars, and policymakers is calling on President Gustavo Petro to take bold action.
In a public letter presented on Monday in Bogota, promoted by the Center for Economic and Policy Research, Boston University Global Development Policy Center, and the NGO Public Citizen, signatories including Nobel laureate Joseph Stiglitz, economist Thomas Piketty, and Paris Agreement architect Laurence Tubiana urge Colombia to lead an international effort to dismantle investor-state dispute settlement (ISDS), a system embedded in thousands of trade and investment agreements worldwide, including in Colombia.
As of 2025, Colombia had over $13 billion in pending ISDS charges, about one-seventh of its annual budget. To compare, it would cost $42 billion to fully implement the 2017 peace agreement, while it would cost about $25 billion for the country to have universal healthcare. Without confronting ISDS, meaningful state action may be impossible.
ISDS, sometimes referred to by economists as “litigation terrorism,” allows foreign corporations to sue governments in private arbitration tribunals over public-interest regulations, including environmental protections. It has become a powerful weapon for multinational firms to challenge policies aimed at phasing out fossil fuels, often resulting in massive financial penalties for states that attempt to regulate or transition their economies.
If the world is serious about confronting the climate crisis, it must also confront the legal and economic structures that entrench fossil fuel dependence. Dismantling ISDS is a precondition for meaningful change.
“Investor-State Dispute Settlement has a track record of being very favorable to foreign corporations at the expense of local communities, the environment, and economic development,” Stiglitz noted. For countries seeking to move away from fossil fuels, ISDS creates a chilling effect; governments hesitate to enact ambitious climate policies for fear of triggering billion-dollar lawsuits.
Stiglitz added that "investor-state dispute settlements don’t just mean growing debt burdens for countries: they are also a barrier to action on the climate crisis.”
Colombia is especially exposed. The country has 129 oil and gas projects covered by ISDS provisions, leaving it vulnerable to a wave of potential claims as it pursues its energy transition.
Petro has signaled his intent to reduce reliance on these mechanisms, but has yet to follow the path of countries such as South Africa, India, and Indonesia, which have terminated ISDS-linked agreements outright after concluding they undermined national sovereignty.
Across Latin America, ISDS has quietly transferred enormous public wealth to foreign corporations. Governments have been forced to pay out tens of billions of dollars in arbitration awards, particularly in countries like Argentina, Peru, and Venezuela, which, not coincidentally, have also faced severe economic and energy crises.
This system vastly privileges foreign investors over domestic firms, bypasses national courts, and effectively grants corporations veto power over public policy. As development economist Jayati Ghosh argues, bilateral investment treaties have “weaponized” corporate influence, restricting the ability of governments to act in the public interest without delivering clear benefits in terms of increased investment.
Colombia’s upcoming conference offers a rare opportunity to challenge this global regime. The letter’s authors propose the creation of an international alliance committed to unwinding ISDS and restoring democratic control over economic policy. The European Union’s recent withdrawal from the Energy Charter Treaty, due to its protections for fossil fuel investments, signals that even advanced economies are beginning to recognize the incompatibility of ISDS with climate goals.
Yet, even as Petro pushes for a fossil fuel phaseout and questions the legitimacy of ISDS, other governments in the hemisphere are moving in the opposite direction. Ecuador’s conservative President, Daniel Noboa, a billionaire businessman dogged by allegations of corruption, authoritarianism, and links to drug traffickers, has aggressively pursued new trade and investment agreements with the United Arab Emirates, Canada, and the United States. These deals include ISDS provisions, despite both the Ecuadorian Constitution and the Ecuadorian people outright banning ISDS.
Other right-wing politicians in the region, including anarcho-capitalist Argentine President Javier Milei, have also expressed support for expanding ISDS, to further the entrenchment of corporate power in the region.
As Andrés Arauz of the Center for Economic and Policy Research puts it, ISDS creates a “fast-track legal system” that grants corporations a “license to kill” public-interest regulation through the threat of massive financial penalties.
The coalition’s message to Colombia is salient; if the world is serious about confronting the climate crisis, it must also confront the legal and economic structures that entrench fossil fuel dependence. Dismantling ISDS is a precondition for meaningful change.
In Santa Marta this April, Colombia has a chance to lead, and turn the region away from complete surrender to foreign corporate interests, instead attempting to build economies around popular prosperity, dynamic democracy, and robust constitutionalism.
Keep ReadingShow Less
After Dropping 'Made-Up' Allegation Against Maduro, DOJ Now Reportedly Probing Colombia's Petro
"This is what they did before they abducted Maduro," said one observer.
Mar 20, 2026
The US Department of Justice has reportedly launched multiple drug trafficking investigations into Colombian President Gustavo Petro—a leftist and staunch critic of President Donald Trump—just over two months after dropping a key yet fictitious allegation against Venezuela's kidnapped leader.
"Three people with knowledge of the matter" told The New York Times on Friday that the US Attorney's offices in Manhattan and Brooklyn are conducting the investigations in concert with "prosecutors who focus on international narcotics trafficking," the Drug Enforcement Administration (DEA), and Homeland Security Investigations (HSI).
Investigators are reportedly probing whether Petro met with any drug traffickers or if his presidential campaign solicited donations from them. The sources told the Times that the probes are in their early states and it is unclear whether any criminal charges would be filed.
The Times noted that "there was nothing to indicate that the White House had a role in initiating either investigation."
However, Trump has shown exceptional zeal for weaponizing the government to target his political foes and has repeatedly accused Petro—who has been a vocal critic of US imperialism, high-seas boat bombings, and support for Israel's genocidal war on Gaza—of being a drug trafficker.
Trump has offered no evidence to support his allegations against Petro. The US, on the other hand, has a centuries-long history of involvement in drug trafficking, from China to Southeast Asia to Central America—and Colombia, where the CIA allegedly worked with the United Self-Defense Forces of Colombia (AUC), a far-right paramilitary group founded by drug lords to combat leftist insurgents during the country's decadeslong civil war.
As a sitting head of state, Petro has immunity from US jurisdiction while in office. But that did not stop Trump from bombing and invading Venezuela to abduct President Nicolás Maduro to the United States. The DOJ charged Venezuela's president with narco-terrorism conspiracy, conspiracy to import cocaine into the United States, and possession of machine guns and destructive devices.
The DOJ has quietly dropped its "made-up" allegation against Maduro—that he was the kingpin of the "Cartel de los Soles"—after learning that the name is a slang phrase and not an actual criminal group.
After kidnapping Maduro, Trump told Petro to "watch his ass."
Last October, the US Treasury Department sanctioned Petro and his wife, with Treasury Secretary Scott Bessent saying at the time that Colombia's leader "has allowed drug cartels to flourish and refused to stop this activity."
This, after the US State Department revoked Petro's visa after he used his September 2025 United Nations General Assembly address to accuse Trump of complicity in the Gaza genocide and urged the UN to open a criminal case against the US leader for his extrajudicial bombing of boats allegedly transporting drugs from South America to the United States. Petro also implored US troops to "not point your rifles against humanity."
Some observers say Trump may try to leverage the probe of Petro to pressure him into greater cooperation with the failed but ongoing 55-year War on Drugs. Colombia is the world's leading cocaine producer whose previous right-wing governments were staunch US allies during and after the Cold War.
According to the Times:
At the same time, Colombian news outlets have reported that people linked to traffickers have tried to channel funds to Mr. Petro, including through his son. His son admitted that illicit money entered his father’s 2022 election campaign, Colombian prosecutors said, but they have not brought criminal charges against Mr. Petro himself. He has denied wrongdoing, describing the accusations as politically motivated.
Others speculate that Trump may be trying to put his finger on the scale of Colombia's May 31 election. As Colombia's Constitution limits presidents to a single term, Petro has urged his supporters to vote for leftist Sen. Iván Cepeda. Trump has forged close ties with right-wing governments across Latin America, recently hosting his Shield of the America's summit in Miami and meddling in elections from Honduras to Chile to Argentina.
Relations between Trump and Petro seemed to have been improving. When Petro visited the White House last month for his first face-to-face meeting with Trump, many observers braced themselves for fireworks. However, Trump emerged from the meeting calling it "terrific." He even signed a copy of his ghostwritten book, The Art of the Deal, for Petro, writing, "You are great" on the title page.
Petro, in turn, posted a photo Trump gifted him of the two men shaking hands, and a handwritten message saying, "Gustavo: A great honor—I love Colombia."
Keep ReadingShow Less
'Yankees Go Home!' Colombians Demand at Mass Protests Against Trump Threats
Thousands of people across the country expressed support for their president, Gustavo Petro, who spoke to President Donald Trump ahead of the rallies and struck a diplomatic but defiant tone.
Jan 08, 2026
Colombian President Gustavo Petro struck a relatively diplomatic tone Wednesday at a rally in Bogotá, where he spoke about the Trump administration's threats to launch military strikes against his country—but thousands of people who gathered in the Colombian capital and across the country were happy to say exactly what they thought of US President Donald Trump's recent attack on neighboring Venezuela and his saber-rattling across Latin America.
"He’s a maniac,” 67-year-old José Silva told the Guardian at a march in the border city of Cúcuta. “The US Congress needs to do something to get him out of the presidency... He’s a thug.”
“Trump is the devil," another marcher, Janet Chacón, told the outlet.
And demonstrators held English-language signs proclaiming, "Yankees Go Home!" as well as banners reading, “Fuera los yanquis!" or "Out with the Yanks!"
Colombians were rallying after Petro called for a mass mobilization days after Trump ordered a military attack in Venezuela, including a bombing and the abduction of President Nicolás Maduro and his wife, Cilia Flores. Maduro and Flores have pleaded not guilty to narco-terrorism charges in a court in New York City, while Trump and other White House officials have made clear in recent days that their objective in Venezuela is not to stop drug trafficking—a crime in which the country is not significantly involved—but to take control of its oil reserves.
Colombians marched together with Venezuelans in Cúcuta, with one man telling Reuters, "If they kidnap your president, they kidnap the entire homeland."
Protesters gathered at the Simon Bolivar Bridge in Cucuta, Colombia, to demonstrate against US President Donald Trump, responding to a call by Colombian President Gustavo Petro under the slogan 'Colombia is free and sovereign' pic.twitter.com/y5FIMweCbN
— Reuters (@Reuters) January 8, 2026
Soon after invading Venezuela, Trump and other officials including Secretary of State Marco Rubio suggested they could soon attack other Latin Amercian countries and try to overthrow their leaders.
Officials in Cuba's socialist government, said Rubio, are "in a lot of trouble," while Trump said the US is "going to have to do something" about drug cartels operating in Mexico.
Regarding Colombia, Trump cited no evidence as he accused the left-wing Petro of "making cocaine and selling it to the United States" and said an invasion of the country "sounds good to me." Petro has not been linked to the drug trade in Colombia.
Petro has vehemently condemned Trump's escalation in Latin America in recent months and has accused the president of murder in the Caribbean, where the US has bombed dozens of boats and killed more than 100 people since September, accusing them of drug trafficking without releasing any evidence.
After the Venezuela attack and the threats toward other countries in the region, Petro warned that Trump had awakened a "jaguar," referring to the opposition of the public in Colombia and across Latin American regarding US imperialism.
After calling on Colombians to take to the streets, Petro spoke to Trump on the phone at the US president's request and accepted an invitation to the White House. Trump said it was "a great honor" to speak with the Colombian leader.
Petro told protesters in Bogotá that the speech he had planned to give had been "quite harsh."
“For 34 years, peace has been my priority,” he said. “And I know that peace is found through dialogue. That is why I accept President Trump’s proposal to talk.”
"If there is no dialogue, there is war. The history of Colombia has taught us that," the president added.
But he also made clear to thousands of supporters, many of whom carried placards with pictures of Petro, that “what happened in Venezuela was, in my opinion, illegal."
"We cannot lower our guard," he said. “Words need to be followed by deeds."
In Cúcuta, a teacher named Marta Jiménez denounced a number of European leaders who have refused to clearly condemn Trump's invasion of Venezuela's neighbor, even as legal scholars have said it was a clear violation of the United Nations Charter.
“They are leaving him to fly, free as a bird over every single country, to do whatever he likes," she said, expressing concern that Trump's next target "might be Nicaragua, Brazil, Ecuador, Peru—any of them."
En Colombia, la sociedad salió masivamente en 12 ciudades, para rechazar la injerencia y las amenazas del presidente de EEUU. Se trató de una jornada con mensajes en favor de la unidad de los pueblos de Nuestra América y El Caribe. @teleSURtv @TobarteleSUR @petrogustavo pic.twitter.com/0RD4QvjHsu
— teleSUR Colombia (@teleSURColombia) January 8, 2026
Protests were also held this week in countries including Argentina and Brazil, with demonstrators expressing solidarity with the rest of Latin America in light of Trump's threats and attacks.
“The message from the people of Latin America is: ‘Donald Trump, get your hands off Latin America,'" Brazilian Congressman Reimont Otoni said at a rally outside the US consulate in Rio de Janeiro. "Latin America isn’t the [United States'] backyard."
Keep ReadingShow Less
Most Popular