Fossil‑fuel summit meets finance push
Forty‑six countries — including several major oil producers — are attending the Santa Marta summit on phasing out fossil fuels while the Global South’s Kuala Lumpur Declaration demands an accelerated phase‑out and 'trillions' in climate finance. At the same time renewables hit almost half of global electricity capacity in 2025 (49.4%), driven by a record solar surge — deployment is moving fast even as finance and participation gaps remain. (climatechangenews.com, downtoearth.org.in, marketscreener.com, globalbankingandfinance.com)
Organisers have scheduled stakeholder dialogues in Santa Marta from April 24–27 with the high‑level ministerial segment set for April 28–29 at the Estelar Hotel. (sdg.iisd.org (sdg.iisd.org) transitionawayconference.com (transitionawayconference.com)) Colombia and the Netherlands are co‑hosts of the conference, an initiative announced at COP30 by Colombia’s environment minister Irene Vélez Torres and the Netherlands’ deputy prime minister and minister for climate policy Sophie Hermans. (transitionawayconference.com (transitionawayconference.com) environewsnigeria.com (environewsnigeria.com)) Colombian officials and reporting show confirmed participants include major producers such as Canada, Australia, Brazil and Norway, reflecting participation from countries with significant oil, gas or coal sectors. (climatechangenews.com (climatechangenews.com)) The Kuala Lumpur Declaration was issued on March 27, 2026 by a coalition of civil‑society groups from South and Southeast Asia calling for an expedited, equitable phase‑out, a clear roadmap ahead of COP31, stronger adaptation and loss‑and‑damage support, and large‑scale climate finance and a fossil‑fuel treaty. (cansea.net (cansea.net) downtoearth.org.in (downtoearth.org.in)) New IRENA‑compiled data show 692 GW of renewable capacity was added in 2025, with solar responsible for about 511 GW of that annual increase. (renewablesnow.com (renewablesnow.com)) The additions lifted global renewable stock to roughly 5,149 GW by end‑2025, with wind adding about 159 GW and fossil‑fuel power capacity rising by roughly 116 GW during the same period. (zawya.com (zawya.com)) Regional concentration remains stark: Asia supplied roughly three‑quarters of 2025’s new capacity (about 74.2%), while Africa’s expansion was its largest on record and the Middle East saw the fastest percentage growth — patterns that civil‑society statements and analysts say underscore persistent finance and participation gaps. (renewableinstitute.org (renewableinstitute.org) carbontracker.org (carbontracker.org))
