Venezuela has unveiled its updated Nationally Determined Contribution (NDC), committing to cut greenhouse gas emissions by 20% by 2035 compared to a business-as-usual scenario. The plan, consistent with targets set in 2017 and updated in 2021, outlines over USD 18.4 billion in mitigation investments, focusing mainly on transport and electricity.
Under the new NDC, Venezuela plans to convert seven oil-fired power plants totaling 3.8 GW to gas, including the 2.6 GW Planta Centro, while developing 5.5 GW of renewable energy, with at least 3 GW from solar and 1 GW from wind. The country also aims to reduce gas flaring by 71% between 2025 and 2030 through expanded gas transport networks, with significant investments in metro and railway systems to transform its transport sector.