This study sought to analyse the natural resource curse phenomena within the energy transition and the role of the private sector in Colombia, using La Guajira as a case study to assess whether the recent boom in renewable energy investments can enable sustainable growth, or if the way these new investments are being done mimics an extractivism approach. The study was carried out using a framework for risk assessment proposed by Leonard et al. (2022), supported by an extensive literature review and 15 interviews with different actors from the private, public, social and academic sectors. The thesis found that an extractivist modus operandi is still present in Colombia and there is a high risk that specific symptoms of resource curse arising in La Guajira. The study specifically addressed the role of the private sector, and, through an empirical analysis, it was found that companies can play an active and relevant role in turning these risks into opportunities to support social development and justice. It was also identified that the critical path for this is the gain of trust with the local communities by promoting innovation, transparency, traceability and accountability.