Oil palm yields five to ten more oil per hectare per year than other oil crops. Less than 10% of the land planted with oil crops produces more than 35% of the oil consumed worldwide. Oil palm needs less land, pesticides, fertilizers, and energy; thus, it generates a lower impact on the environment. Oil palm has been criticized for its impact on GHG emissions and loss of carbon stocks in peat soils, especially in Malaysia and Indonesia. In Colombia, the crop's expansion has occurred mainly in deforested lands, degraded soils, or land devoted to cattle. To better monitor, this crop's environmental impacts, carbon footprint, and life cycle analyses have been conducted in several countries. Here, we summarize the results of those studies with particular reference to the Colombian case. Also, we present the comparison between different carbon footprint calculators used to measure oil palm GHG emissions. Finally, we discuss the use of carbon footprint estimations and their role in improving the crop's sustainability.