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Vue aérienne des îles

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.

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.

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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.

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.

In essence, LEAVIT endeavors to assist oil-producing nations dealing with the challenges of the resource curse and sunk cost fallacy as they actively seek alternatives to transition away from oil extraction.

ACCELERATING THE JUST TRANSITION

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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.

President Ramos-Horta advocates an oil phase-out, and Timor-Leste has recently signed the Fossil Fuel Non-Proliferation Treaty

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UGANDA

Uganda joined the list of prospective oil-producing countries in 2006, with six billion barrels of proven oil reserves in the Albertine Graben. Out of this discovery, 1.4 billion barrels are economically viable for extraction.

The East African Crude Oil Pipeline (EACOP) project in Uganda aiming to transport crude oil to the Tanzanian port of Tanga.  Production is due to start in 2025.

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