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As the World Backpedals on Ditching Fossil Fuels, One Oil Major Plows Ahead

  • Colombia's oil investments could plunge up to 30%, group says
  • Country’s oil output was already falling before anti-oil push
Gustavo Petro has stopped offering new licenses for oil exploration in Colombia.

Gustavo Petro has stopped offering new licenses for oil exploration in Colombia.

Photographer: Ferley Ospina/Bloomberg
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Norway is hunting for oil deeper in the arctic. The US is pleading with drillers to pump more. Germany has reactivated coal plants to overcome a natural gas shortage.

Many of the world’s biggest countries are walking back, or slow-walking, parts of their plans to shift away from fossil fuels.