Abstract With the adoption of the 2030 Agenda, UN Member States pledge “to leave no one behind” and “endeavour to reach the furthest behind first”. The EU Just Transition Fund (JTF) was designed to meet these policy objectives. It is one of three pillars of the Just Transition Mechanism, aiming at fair delivery of the European Green Deal and reducing adverse social and economic impacts of the transition towards a climate-neutral Europe. We examine the formulation of the JTF Regulation, from January 2020 until July 2021 and analyse seven topics of importance during the JTF formulation. Based on the results, we identify and discuss four paradoxes related to governance scales, offsetting exclusion, equity illusion, and eligibility criteria. The paradoxes arise from tension between the all-inclusive objective to leave no one behind, and selective affirmative actions, seeking to reach the furthest behind first. Results of the analysis enabled us to put forward plausible strategies to embrace these policy paradoxes to offer important lessons learned for the JTF and also to future policies that seek to leave no one behind.