56 countries agree on a roadmap to phase out coal, oil and gas

On April 30, at the Santa Marta Summit (Colombia), countries including the EU, Norway, UK, Singapore, Bangladesh, Brazil, Canada, Colombia, Philippines… reached a consensus on eliminating fossil fuels, after nearly a week of discussion.

Ms. Stientje van Veldhoven, Minister of Climate of the Netherlands – the country co-chairing the conference, said price fluctuations and dependence on imported fossil fuels have persistent consequences on economies.

She emphasized that the transition away from oil, coal, and gas is urgent, to strengthen energy security and reduce the impact of shocks similar to the ongoing oil price crisis.

The countries also agreed to continue to cooperate and establish a working group on each country’s specific roadmap, financial tools, ways to coordinate between producers – consumers and labor conversion when reducing fossil fuel production.

Theo Carbon Briefthese countries represent one-third of the global economy. Of these, half of the participants are fossil fuel producing countries. They will have to submit a plan to gradually reduce output. However, this plan is not bound by structure, nor by the deadline for completing the transition process.

Colombia announced a draft roadmap during the conference and established a group of scientific experts to advise countries. The country expects to reduce emissions from energy use by 90% by 2050, compared to the 2015 mark, thanks to fossil fuel conversion and transportation electrification. This roadmap requires capital of up to 10 billion USD per year, but will bring net savings of about 23 billion USD annually to Colombia from 2050.

Last week, France became the first developed country to announce a national roadmap to phase out fossil fuels.

According to analysts, finance is a barrier in the transition process of countries. Meanwhile, developing countries in the Global South face high borrowing costs and limited access to capital, even when renewable energy is cheaper than fossil fuels.

Regarding this issue, the working group of the coalition of countries supporting the elimination of fossil fuels will focus on finding solutions for poor countries to avoid the “debt trap” and mobilize financial resources to support transition. They also identify subsidies for fossil fuels. This activity is supported by the International Institute for Sustainable Development (IISD).

Another working group will focus on fossil fuel consumption trade. They will be supported by the Organization for Economic Co-operation and Development (OECD).

Transitioning away from fossil fuels was agreed upon by nearly 200 countries at the COP28 Climate Summit in 2023. However, subsequent COP meetings could not promote this commitment, due to blocking and non-cooperation from the group of Middle Eastern oil nations, especially Saudi Arabia.

The invitation list for this conference in Santa Marta was carefully selected, based on the spirit of supporting the fossil fuel reduction roadmap at COP30. Colombian Environment Minister Irene Vélez Torres said the United States, China, Russia, India and Middle Eastern countries are not attending. The second fossil fuel transition conference will take place early next year, on the Pacific island of Tuvalu, co-chaired by Ireland.