During and immediately following his term, Carazo played a central role in the founding of the University for Peace, a United Nations-affiliated educational institution that offers graduate programs in peace and development studies. His government also concentrated on and promoted the country's petrochemical industry and even began exploration and digging near the Talamanca Mountain Ridge in search for petroleum. In the energy sector, his government inaugurated the hydroelectric plant in Lake Arenal. The Carazo government also regulated the excavation of gold in the southern region of the country.