At the 28th United Nations Climate Change Conference (COP 28), governments agreed to transition away from fossil fuels in a just, orderly, and equitable manner. Some governments are implementing this decision with plans to phase out oil and gas production. One of the barriers to phase-out policies is the threat of investor–state arbitration. This report provides policy-makers with tools to mitigate the legal risks of investor–state arbitration when designing oil and gas phase-out policies.