Latin American Countries Criticized at Climate Talks for Oil Plans

Latin American countries, participating in crucial global climate talks being hosted in the region this week, came under criticism for their plans to drastically increase oil production.

Some influential Latin American nations in the negotiations for a new global treaty to reduce heat-trapping gases have significant plans to increase production and use of fossil fuels, seen as the main culprit of global warming.

Brazil is going full speed with investments in areas off its coast that could hold up to 35 billion barrels of oil.

Scrambling for energy as a severe drought depletes hydro power plants' reservoirs, the country has just approved new coal-fired plants that would be partially financed by the government.

Mexico has recently approved new legislation that would allow foreign investments in oil production, breaking up local company Pemex's monopoly.  The country estimates it has some 27 billion barrels of unexplored oil.

Ecuador, Colombia and Peru all have similar plans in place.

Read more at Latin American Countries Criticized at Climate Talks for Oil Plans