1142 Jurisdiction Key Resources Main Strength Main Constraint Lesson for Peru Industrial Power Price phase-out timing uncertainty long-term supply contracts to function as stability tool Peru ★ Domestic gas (Camisea), hydro, solar/wind Balanced resource mix; domestic gas reduces import exposure; regulated thermal natural gas generation prices. Infrastructure constraints; nonredundant gas transport; renewable share still modest Advantage is real but conditional — value chain integrity and infrastructure investment are the decisive variables 162 USD/ MW.h Sources: World Bank (2022); Bashford (2025); Castañeda et al. (2025); Issa et al. (2023); Global Petrol prices (2026). Own elaboration Peru’s combination of domestic gas, hydropower, and expanding non-conventional renewables represents a relatively balanced and advantageous starting point. The benchmark comparison, however, highlights a consistent pattern: structural advantages are only as strong as their execution. Chile’s renewable success created new constraints; Colombia’s hydro dominance created new vulnerabilities. Peru’s gas advantage, if not actively maintained and invested in, follows the same pattern. 5. DECARBONIZATION MECHANISMS, RISKS, AND THE FINANCE DIMENSION 5.1 Fuel Substitution Opportunities The progressive substitution of liquid fuels — diesel and industrial fuel oils — with natural gas represents one of the most immediate and operationally viable paths to reduce Scope 1 emissions in mining. From a carbon perspective, natural gas exhibits substantially lower CO₂ emissions per unit of energy than coal and most liquid fuels. Table 25 — CO₂ Emission Factors by Fuel and Sector Sector Fuel Emission Factor (tCO₂/unit) Power sector (tCO₂/MWh) Coal 0.955 Power sector (tCO₂/MWh) Diesel and residual 0.818 Power sector (tCO₂/MWh) Natural gas 0.430 Industrial sector (tCO₂/GJ) Industrial fuel oil No. 6 0.077 Industrial sector (tCO₂/GJ) Coal 0.096 Industrial sector (tCO₂/GJ) Natural gas 0.055 Transport sector (tCO₂/GJ) Gasoline 0.059 Transport sector (tCO₂/GJ) Natural gas for vehicles (NGV) 0.039 Source: Osinergmin (2026).
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