Colombia Looks to Future Without Oil in $40 Billion Transition Plan.

Colombia is preparing to announce a $40 billion investment plan to replace declining fossil fuel export revenues. The plan, set to be made public on October 2nd, aims to secure $10 billion from international financial institutions and developed countries. The investments will focus on nature-based climate solutions, clean energy, electrification of transport, agricultural practices, and biodiversity protection. Colombia's deal will be led by the Inter-American Development Bank, with the US playing a coordinating role. The country hopes to follow the example of Just Energy Transition Partnerships (JETPs) signed by other nations to reduce dependence on coal and increase renewable energy. However, the involvement of private financial institutions in Colombia's plan remains uncertain. Despite economic struggles and environmental challenges, Colombia remains committed to its decision to end new oil and gas exploration licenses. [Extracted from the article]