How do you transform the most important company in Colombia from fossil fuels to green energy without losing revenue? That’s Ecopetrol’s challenge—and there’s a lesson in it for you.
Ecopetrol is Colombia’s top oil producer, churning out 741,100 barrels a day in Q1 2024. But here’s the thing: they’re under pressure to go green, fast. Colombia’s new government wants to cut fossil fuel dependence, and Ecopetrol’s response has been ambitious—they’re planning 2-3 gigawatts of electrolysis for green hydrogen production in the next 10 years.
Here’s what you can learn from their high-stakes balancing act:
First, don’t abandon what’s working now. Ecopetrol isn’t shutting down oil production overnight because they know over 95% of their revenue still comes from it. For you, that means doubling down on what’s driving your revenue now, even if you’re planning a transition. Use that core strength to fund the next phase of your business.
Second, invest in the future, but keep it sustainable. Ecopetrol’s balancing act is simple but smart: they’re using profits from oil to fund renewables. Entrepreneurs, take note. Test and invest in areas like green practices, new tech, or fresh markets—but pace yourself. If you jump in too fast, you risk depleting your resources. If you wait too long, you’re playing catch-up.
Final takeaway? Ecopetrol is betting on the future while managing the present. As a business owner, that’s your job too. Fund what’s next with what’s working now, and start planting seeds for tomorrow—today.