The purpose of this paper is to understand how a fair, sustainable, efficient, and inclusive energy transition can be carried out in Colombia by, at the same time, mitigating, avoiding, and addressing inequalities in human development. This was assessed through the development of a cost benefit analysis that sought to quantify the positive and negative impacts associated with the energy transition. Our analysis revealed that the most significant areas of focus in an energy transition should be how the energy transition will affect the livelihoods of Colombians through potential losses in jobs, the impact to culture, the effects on the environment and health, and revenues related to royalties. It is recommended to apply a people centric lens to policy actions related to the energy transition.