Fossil Fuel Phaseout Gains Momentum Amid Global Energy Crisis

The end of oil? As fuel shocks cascade, 53 nations gather to plan a fossil fuel phaseout

Image source: Internet

More than 50 nations will gather in Colombia next week to discuss a potential treaty to phase out fossil fuels, amid a global energy crisis triggered by the Iran war.

The crisis has stopped oil tankers reaching their destinations, damaged over 60 gas and oil sites, and left the Asia-Pacific region facing dwindling supply.

Faced with dwindling supply, the region's governments are implementing emergency measures such as rationing fuel and cutting school hours.

The problem is especially bad in the Pacific, where many island nations use diesel for power generation.

Leaders have declared a regional emergency and are scrambling for energy, with options to find alternate supplies, reduce use or switch to alternatives.

Since the 1970s, the price of solar panels has fallen 99.9%, while the cost of wind has fallen 91% since 1984.

The European Union will accelerate electrification, while France has doubled state aid to help households switch to EVs and electrify home heating.

New EV sales are at an all-time high, while secondhand EV sales more than doubled last month, as petrol prices surged almost 50% in March.

The conference in Colombia aims to bypass global climate talks and discuss how to actually phase out fossil fuels, with a potential standalone treaty to manage fossil-fuel phaseout while protecting workers and financial systems.