Colombia has sent a strong signal about corporate influence over its climate policies as it gears up to host the first Conference on Transitioning Away from Fossil Fuels. Can the world follow?

Colombia is to withdraw from the Investor-State Dispute Settlement (ISDS), an opaque mechanism allowing foreign investors to sue governments for decisions that affect their profits, including those aimed at protecting human rights, worker rights, health and the environment.

Cases are heard by international arbitration tribunals rather than national courts. There are no independent judges, nor a right to appeal. The tribunals are closed to citizens, companies, NGOs and the media.

The grounds for the case are not published, nor are decisions. Compensation paid by governments to corporations comes from public budgets.

More than 10,000 fossil fuel assets worldwide are covered by ISDS provisions, a UN report by human rights rapporteur David Boyd found.