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Colombia has launched a new $40-million investment plan for its energy transition, aiming to move away from oil and gas production, partly through pursuing green economic opportunities in sustainable tourism and nature restoration.

The South American country’s environment minister, Susana Muhamad, unveiled the plan last week in New York, saying it would mirror the donor-backed Just Energy Transition Partnerships (JETPs) agreed in recent years with South Africa, Vietnam, Indonesia and Senegal.

“We are on the way to consolidating a donor roundtable that will allow us to achieve an important financial package for the country,” Muhamad told journalists on the sidelines of New York Climate Week.

The Colombian government said in a statement that it has been in talks with the UK, Germany, Canada and the European Union – all of which are also key government funders of other JETPs – as potential backers, as well as the Inter-American Development Bank.

UN climate chief warns of “two-speed” global energy transition

Besides clean energy, the plan, which will mobilise a mix of private and public finance, will include funding for nature conservation, particularly seeking investment in ecotourism, sustainable agriculture and ecosystem restoration. Colombia is hosting the COP16 UN summit on nature protection at the end of this month – the first following a global pact to halt and reverse biodiversity loss agreed two years ago.

Colombia’s focus on nature in its energy transition plan is a new addition to the JETP model, said Andrés Goméz, head of Latin America campaigns at the Fossil Fuel Non-Proliferation Treaty Initiative, an international nonprofit promoting the phase out of fossil fuels.

“Colombia, as a mega-diverse country, has the opportunity to create new productive economies around that biodiversity,” Goméz told Climate Home. “This proposal could be an example for other countries in the Amazon region.”

Funds for clean energy

The South American country is one of the first large fossil fuel producers to pledge to wind down its oil and gas production. Last year, Colombia suspended licenses for new oil and gas exploration, which triggered domestic pushback.

Over half of Colombia’s export revenue comes from fossil fuels. The government of Gustavo Petro has prioritised reducing fiscal dependence on oil and gas, but this has scared off investors and provided fodder to his critics.

The multi-billion-dollar energy transition investment plan is poised to replace revenues from the fossil fuel industry with greener sources of income. But while some details have been made public, most of the plan is still unknown.

Colombia’s big green plans run into headwinds

The investment portfolio announced by minister Muhamad includes $4 billion for nature tourism, $3.5 billion for sustainable agriculture, $4 billion for climate change adaptation, $8.5 billion for ecosystem restoration and conservation, and $1 billion for institutional capacity.

The biggest chunk – $14.5 billion – will go to fund Colombia’s energy transition and expansion of renewables, which currently account for about a third of the country’s total energy supply and generate 75% of its electricity, according to the International Energy Agency.

In particular, the plan will also have to address Colombia’s coal industry – as the country is the largest producer of the polluting fuel in Latin America. Authorities will have to figure out what to do with retired coal-power plants and mining infrastructure, as well as including the coal sector’s workforce of more than 130,000 in the shift to clean energy, Gómez said.

Debt swaps

One of the biggest challenges in implementing the proposal will be to avoid costly loans, Gómez said, as Colombia is already grappling with high debt levels. Instead, the government has suggested the use of other financial mechanisms such as debt swaps, he added.

Debt swaps for nature or climate involve creditors foregoing payments on loans with the proceeds instead being spent on environmental projects in the borrowing country. President Petro has mentioned them as a financial option to fund protection of the Amazon rainforest.

Green debt swaps, explained

The JETP process has so far been dogged by criticism that the partnerships mainly involve loans for energy transition – albeit usually on cheaper terms than the market. With Vietnam, for example, G7 countries offered a $15.5-billion investment package, of which only 2% of funds were grants, leaving the country reluctant to accept the offer.

Minister Muhamad said Colombia is still at the stage of raising funds and aims to announce new investments in its plan at the biodiversity COP16, taking place  in the city of Cali from October 21-November 1.

“Colombia is leading the discussion on how to make a very difficult transition – a truly just climate and energy transition. This is a fundamental step forward,” she said.

(Reporting by Sebastian Rodriguez; editing by Megan Rowling)

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Colombia adds nature to the mix with its $40-billion energy transition plan

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Pacific leaders rail at climate finance failures after pre-COP trip to Tuvalu

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After witnessing the effects of sea-level rise in the low-lying island nation of Tuvalu, Pacific leaders on Tuesday used the pre-COP31 summit in Fiji to voice their frustration at the difficulties they have experienced in tapping the global climate finance system.

A small group of government leaders, climate negotiators and heads of development banks and climate funds took a trip to Tuvalu’s Funafuti atoll on Tuesday morning, travelling by road over land just 10-20 metres wide to visit a project that is building barriers to keep the sea from the land.

They then flew to Fiji for the pre-COP summit, where several Pacific leaders said they had been let down by the insufficient quantity, bad terms and slow speed of international finance to help them adapt to a warming climate that is bringing higher oceans, drought and more powerful storms to their shores.

“Right now, our islands are like a canoe that has been rammed by a massive foreign ship. Our canoe is taking on water, we are sinking, and what is the world’s response?” asked Palau’s President Surangel Whipps Jr.

“They hand us a tiny patch to cover a gaping hole,” he continued, “but the bureaucratic process just to receive that patch is so slow that the water fills the hole while we wait. Then to rebuild the vessel so that we can survive the next storm, we are offered loans, debt that adds weight to a sinking boat packaged in red tape so thick we can barely access it. And while we wait, the water continues to fill.”

Palau’s president Surangel Whipps Junior on Monday (Photo: Australia-Pacific Partnership)

Pacific leaders and Australia called again on governments to invest in the new Pacific Resilience Facility (PRF), which has been designed by the Pacific Islands Forum and is seeking $500 million in investments by COP31 in November.

It has around $180 million so far, but did not receive additional pledges during the UN General Assembly in New York. The PRF aims to invest to generate annual returns which it can give to projects like water tanks for drought-hit communities.

Witnessing sea level rise

The annual pre-COP gathering is usually a low-profile technical meeting of climate negotiators. But this year, Australia – which is the president of negotiations at COP31 – partnered with the Pacific to introduce a “leaders segment” in an attempt to shine a spotlight on climate issues affecting the region.

Fourteen government leaders – from Australia, Timor-Leste, Mauritius and the Pacific – made the trip. They were joined by the European Union’s climate commissioner Wopke Hoekstra, the heads of the Green Climate Fund and the Asian Development Bank and former Australian prime minister Julia Gillard.

World leaders and bank officials pose for a photo at Tuvalu’s narrowest point (Photo: Australia-Pacific Partnership for COP31)

On their return to Fiji, Solomon Islands Prime Minister Matthew Wale told the pre-COP leaders roundtable that the sea level rise they had witnessed was personal for him.

“Tuvalu was not just a site visit for me. I saw the story of my own saltwater people,” he said, adding that he, his daughter and his grandfather had lost their houses to sea level rise and that three-quarters of his electorate live on land that will be underwater in the next 30 years.

From the other side of the world, Antigua and Barbuda’s environment minister Michael Joseph said Tuvalu’s problems felt similar to those of his own Caribbean islands. “I saw vulnerable communities… just metres from the sea and people determined to remain on their land, preserve their culture and way of life,” he said.

Michael Joseph speaks to reporters at Tuvalu’s narrowest point (Photo: Australia-Pacific partnership)

A group of Fijian schoolchildren told the leaders it was not just sea level rise the Pacific struggles with but also heatwaves, droughts and storms, which worry their families and prevent them from learning.

Climate finance red-tape

Several Pacific leaders criticised the world’s leaders for not doing enough to combat climate change. Cook Islands Prime Minister Mark Brown expressed disappointment that only two non-Pacific leaders had come to the pre-COP, a fact Australian media widely picked up on to label the event a flop and question its A$20 million (US$14m) price tag.

“We’ve heard a lot of numbers these last two days,” Brown said. “Let me share one of my own. More than 50 invitations extended to world leaders… to see for themselves what high emissions are doing to our nations and our ocean – an ocean that covers nearly one-third of the Earth’s surface.”

    He called for more climate finance for the Pacific, asking “if the world is prepared to assess our suitability for climate finance, why is it not equally prepared to scrutinise whether those responsible for delivering it are meeting their obligations?”

    Like Palau’s president Whipps, Naoero’s President David Adeang criticised the red tape that is hindering access to climate finance as well as a lack of money, complaining especially about “complicated procedures, heavy reporting, delays in approval and disbursement”.

    Adeang added that “the way we assess vulnerability matters”, adding that it should be measured by more than income. Naoero, for example, is classified by the World Bank as high-income, restricting which climate finance it is eligible for.

    Action plan to improve access

    On Thursday, the Australian government will present a statement and action plan on improving access to climate finance for small island developing states and least developed countries, which it is asking other countries and organisations to endorse.

    The statement addresses some of these Pacific complaints as well as acknowledging that progress has already been made on simplifying access by multilateral development banks and climate funds.

    In Fiji, Asian Development Bank head Masato Kanda said his institution is “tailoring our finance and operations to island realities” because “your children and their children should be able to grow old in the countries their ancestors have called home for millennia”.

    The executive director of the Green Climate Fund (GCF), Mafalda Duarte, said that the GCF-backed coastal adaptation project leaders visited in Tuvalu shows that “climate finance works” although – as the project took eight years to implement – “it takes time, and therefore we have no time to waste”.

    Part of the GCF-backed Tuvalu Coastal Adaptation Project (Photo: Australia-Pacific Partnership)

    Australia calls for optimism

    While Pacific leaders expressed concern that the world is set to blast past its agreed 1.5C warming limit, endangering their nations, Australia’s Prime Minister Anthony Albanese called for “optimism”. “If people think there is no hope, then they will not strive to get the change that we need,” he said.

    He said that when he attended his first COP in 2005, Australia’s renewable energy target was 2%. Its target is now 82% renewable electricity by 2030.

    While Albanese promoted Australia’s success at electrifying homes and businesses and rolling out renewables, he has been criticised by climate campaigners for extending the production of fossil fuels, including coal – largely for export.

    Climate campaigners criticise Australia’s fossil fuel subsidies on the grounds of the Sheraton hotel on October 06, 2026 in Nadi, Fiji. (Photo by Hilary Wardhaugh/Getty Images)

    France’s Minister for Ecological Transition Monique Barbut defended the European Union’s climate action at the pre-COP meeting. She said the continent was heating up and reducing emissions faster and providing more climate finance than anywhere else in the world.

    “It is time for all major emitters to step up and do their fair share” on climate finance, she said. Most developing countries with large emissions have fiercely resisted joining the club of climate finance donors, arguing they have played a disproportionately small historic role in causing climate change.

    Barbut, as well as Palau’s president Whipps, called for the next flagship scientific assessment report of the Intergovernmental Panel on Climate Change (IPCC) to be finished by COP33 in 2028, in time to inform the next global stocktake of national climate action.

    This timeline has been opposed by countries like India, Saudi Arabia and China, who argue it would put an unfair burden on developing countries. Barbut said countries should “support the work of the IPCC rather than sabotage its calendar”.

    Barbut said that governments should agree at COP31 to aim to raise the share of “clean electricity” in final energy consumption to 35% by 2035. The Turkish and Australian governments have pushed for this goal although without specifying that the electricity should be “clean”. Barbut added that COP31 should also agree to cut emissions of methane, a particularly potent greenhouse gas.

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    Climate Change

    Coal mines and hypocrisy must not be Australia’s COP31 legacy

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    Jacynta Fa’amau is a Pacific campaigner at global grassroots climate movement 350.org and a secretariat member of Pacific Climate Warriors.

    The first thing that struck me was the sheer size of Queensland’s Saraji coal mine. Standing at the edge of the enormous pit, my brain scrambled for words as I scanned the earth’s open wound – a whole island could probably fit inside it.

    Looking down, I noticed footprints of an emu and a koala, pressed and dried in what was once a puddle – signs of how drought had driven animals in desperate search of water, so dangerously close to the coal trucks and heavy machinery ahead.

    Earlier this year, I joined a small group of Pacific Islanders on a journey through the Bowen Basin to learn from First Nations communities battling Australia’s mammoth coal industry. Of the more than 40 coal mines operating in the area, BHP & Mitsubishi Alliance’s Saraji mine is one of the largest. So it came as a painful shock to us when in August, the Australian government approved the mine’s extension just months after our visit.

      Witnessing coal extraction is devastating. It is bad enough to see what pillaging tonnes of coal can do to a mine’s immediate surroundings: dry creek beds, dwindling wildlife, denuded land. But to know that this coal will be shipped across the ocean, bring air pollution, and eventually lead to the destruction of Pacific islands thousands of miles away is another kind of heartbreak.

      Rising ocean waters

      I’m an Australian-born Samoan. In 2002, I visited my family home for the first time. My father took me to the rural community where generations of my family were raised. He did not have the words to describe how much has changed since rising ocean waters had taken away almost a third of the beach.

      I learned of how we had to relocate my great‑great‑grandparents’ grave to higher ground twice in the last 15 years. Of how my cousins have to paddle out further to sea to catch fish, since warmer waters have destroyed much of the reef. Of how the ocean crashes so close to my uncle’s home that he had to build a new house further away.

      A climate activist protesting the drilling of new coal seam gas wells holds a sign during a demonstration outside Origin Energy Ltd’s Annual General Meeting in Sydney, Australia, October 15, 2025. REUTERS/Hollie Adams

      A climate activist protesting the drilling of new coal seam gas wells holds a sign during a demonstration outside Origin Energy Ltd’s Annual General Meeting in Sydney, Australia, October 15, 2025. REUTERS/Hollie Adams

      We saw reflections of our own climate destruction in the Pacific when we shared these stories with our First Nations relatives at the edge of the Saraji mine. Murrawah Johnson and Teila Watson, both Birri Gubba and Gangulu women, made clear connections between their struggles and ours. “We don’t get to inherit our land and we don’t get to inherit our traditional roles. We are fighting a war on extinction,” Murrawah said.

      Coal extraction devastated their lands and cultures – totems have disappeared, fresh water has become scarce – while the effects of using it have devastated ours. “King tide, cyclones, all the violence that has been enacted on your country and people is because of the violence that has been allowed here, to us and our country,” Teila said.

      Wearing the mantle of climate leadership

      This week, Australia is assuming the mantle of climate leadership as co-president and head of negotiations of this year’s UN Climate Change Conference, COP31. It will lead on deliberating the summit’s priorities as world leaders and climate negotiators descend on Fiji and Tuvalu for the pre-COP meetings.

      Ironically, just days before the pre-COP began, the New South Wales Independent Planning Commission approved the largest-ever coal project the state has seen, set to emit an extra 800 million tonnes of carbon emissions. I joined the Pacific Climate Warriors and other communities in submitting about 4,000 appeals to oppose the project – yet these all fell on deaf ears.