Global Coalition Discusses Fossil Fuel Phase-Out Amid Rising Oil Prices
A significant international meeting is taking place in Santa Marta, Colombia, where around 60 governments, including Brazil, Germany, Canada, and Nigeria, are convening to discuss the phase-out of fossil fuels. This meeting comes in the wake of the Iran war, which has disrupted global oil and gas markets, leading to soaring prices. The conference aims to focus on practical steps to transition economies away from fossil fuels, rather than setting new global targets. Key discussions will revolve around financial instruments, regulatory incentives, and planning tools necessary to facilitate this transition. Notably, the world's top two polluters, China and the US, along with major Middle Eastern oil and gas producers, are absent from the meeting. The energy crisis has highlighted the vulnerability of countries heavily dependent on oil and gas imports, particularly affecting Asian economies and causing energy costs to surge in Europe. 
