PILOT COUNTRIES
COLOMBIA
Colombia is South America’s second-largest petroleum producer and its oil reserves, now at 7.5 years of consumption. The government is expected to decide soon on new exploration contracts, needed to add new discoveries to replace aging fields.
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President Gustavo Petro has pledged to shift away from oil. End of 2023, Colombia became the first major nation to join the fossil fuel non-proliferation coalition.
Financial incentives aimed at steering countries away from oil extraction are not universally applicable. Granting financial support to already affluent nations like Qatar, the Emirates, Saudi Arabia, Russia, Canada, or the United States lacks practicality, considering their current prosperity and significant historical contributions to CO2 emissions.
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For the initiative to remain relevant, it must adhere to the principles of a Just Transition. The prioritization of countries should take into account factors such as economic reliance on oil, overall economic and social development, susceptibility to climate change, and the political commitment to exploring alternative avenues for economic development.​
ACCELERATING THE JUST TRANSITION
TIMOR LESTE
Timor-Leste's heavy dependence on oil confronts increased risks due to the depletion of the Bayu-Undan field and uncertainties surrounding the Greater Sunrise project.
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President Ramos-Horta advocates an oil phase-out, and Timor-Leste has recently signed the Fossil Fuel Non-Proliferation Treaty