Challenges of the Camisea gas project for the development of Peru

   The article is devoted to the analysis of the various challenges faced by Peru in connection with the implementation of one of the largest energy projects in the country's history - the Camisea gas complex. Located in the Urubamba River basin in the Cusco department, this project, operated since 2004 by a consortium led by Pluspetrol, provides 96 % of Peru's natural gas production and generates 40 % of the country's electricity. However, despite the large-scale macroeconomic achievements, the authors focus on the systemic contradictions that prevent the transformation of resource wealth into sustainable development. The article discusses four groups of key issues. The authors prove that infrastructural constraints are the main barrier to the mass introduction of gas: the total length of gas pipelines in Peru is only 925 km, which is significantly inferior to the indicators of other countries in the region. The article shows that the lack of an extensive pipeline network forces gas to be transported to remote regions by tanker trucks, which makes it unaffordable for a significant part of the population. The authors have identified a number of other factors limiting the use of gas, including environmental and reputational risks. Over the two decades of operation, the complex has repeatedly been the object of criticism from environmental organizations and international institutions. Pipeline ruptures raise legitimate concerns among the indigenous peoples of Bajo-Urubamba about water and soil pollution. At the same time, according to the report "Banks vs. The Amazon", since 2016, 16 major international banks (including Citibank, JPMorgan Chase and HSBC) have provided $3.1 billion in financing to the project, which demonstrates the gap between the climate commitments of financial institutions and their real investment policies.

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