All articles tagged with #energy transition
The Iran conflict is driving a windfall for big oil, lifting profits and boosting their political influence while U.S. gasoline prices spike, raising concerns that cash-rich oil majors will push for more production and subsidies and slow the energy transition despite renewables becoming more competitive.
At a Santa Marta summit, 59 governments agreed to develop roadmaps to end fossil-fuel dependence, launching a 'coalition of the willing' to accelerate a renewables-led transition amid volatile oil markets and a polarized US stance on climate; experts say the war in Iran is unexpectedly boosting renewables, with the IEA noting lasting changes to energy markets, though the UN process remains weak and major emitters are largely absent; the group plans annual meetings with Indigenous leaders and scientists to maintain momentum outside official climate talks.
Amid rising energy prices and Iran tensions, the article argues the crisis is accelerating a global pivot from oil and gas to renewables, with surging EV and solar adoption (notably in India and Korea), energy-security shifts (UAE exits OPEC, Vietnam weighs renewables over LNG), and a geopolitical realignment that may outlast the current crisis, even as US policy under Trump slows clean-energy progress.
Around 60 countries gathered in Santa Marta, Colombia for the world’s first climate summit outside the UN process, aiming to translate pledges into concrete steps to phase out fossil fuels and accelerate a clean-energy transition. Co-hosted by Colombia and the Netherlands, the six-day meeting highlighted practical roadmaps and financing tools while noting that the U.S. wasn’t invited and future progress depends on broader participation and alignment with COP debates; a follow-up summit is planned in Tuvalu to extend the coalition and push implementation.
At a global Santa Marta conference, Indigenous delegates warned that the shift away from fossil fuels must not become a pretext for looting Indigenous lands or minerals, emphasizing protection of forests and water and highlighting how renewables require mining of critical minerals. They also criticized ongoing fossil-fuel subsidies and urged a rights-centered, community-led approach to the transition, alongside broader health and ecological considerations beyond energy alone.
Global experts launch a science panel to help countries accelerate departing from fossil fuels, as the Santa Marta climate action meeting unveils a Colombian roadmap for an energy transition aligned with 1.5C goals, including a projected 90% fossil-fuel reduction by 2050 and long-term economic benefits, contingent on sufficient investment and knowledge transfer.
Colombia and the Netherlands host the world’s first Transitioning Away from Fossil Fuels conference in Santa Marta (April 24-29), uniting 54 governments and civil society to outline national roadmaps for phasing out fossil fuels. Not a UN COP and not a binding agreement, the summit aims to coordinate diverse efforts, mobilize finance and debt relief for developing countries, and publish a scientist-led report to guide action as renewables expand and oil prices rise amid geopolitical tensions. Major emitters like China and the US are absent, but the gathering seeks a practical blueprint to accelerate the energy transition despite fossil-fuel inertia and potential climate tipping points.
A first-of-its-kind climate conference in Santa Marta, hosted by Colombia and the Netherlands, gathers about 60 countries to push for concrete steps to phase out fossil fuels outside the UN COP process, prioritizing practical transitions to renewables and infrastructure, while avoiding a binding treaty and noting the absence of the U.S. and China; the gathering aims to produce a report and advisory input to speed up the energy transition.
Colombia, with the Netherlands, is convening a 'coalition of the willing' at Santa Marta on 28–29 April to break the UN climate deadlock over phasing out fossil fuels. About 54 countries will attend, including some fossil-fuel producers and vulnerable developing nations, while major powers like the US, China, India and Gulf states are absent. The summit aims to craft concrete transition pathways, finance mechanisms, and technology transfer, and will include a planned second summit in Tuvalu next year, plus Indigenous and marginalised communities’ voices. Colombia has also halted new licensing for coal, oil, and gas as it pivots to renewables and other sectors.
Peter Magyar’s victory signals a plan to reduce Hungary’s Russian energy dependence, but the shift will be costly and technically challenging due to reliance on Druzhba oil, Gazprom gas, and Rosatom nuclear power. Alternatives exist, like the Adriatic pipeline and the European grid, but they bring higher prices and require EU negotiations; Hungary is targeting ending Russian gas by 2035, not the EU’s 2027 deadline, and will likely press for structural funds to ease the transition.
The war in the Middle East has underscored renewables’ value while revealing divergent national paths: oil exporters like Saudi Arabia, the UAE and Qatar push large renewable deployments even as they expand fossil-fuel infrastructure; energy-importing countries such as Turkey, Jordan and Morocco invest in solar and wind to cut costly imports, though inflation and tight finances threaten new projects; Iraq faces fiscal strain with limited renewable capacity, and conflict-damaged energy infrastructure in Yemen, Libya, and Syria worsens energy access. The situation also shapes the COP31 agenda, highlighting that transitions will be country-specific, driven by dependence on fossil fuels, fiscal health, and governance.
EU leaders, facing about a 50% surge in gas prices driven by Iran’s war, clash over immediate price relief versus long-term decarbonization at a Brussels summit; the European Commission leans toward rule-based, longer-term tools to stabilize prices and support energy-intensive industries, while countries like Poland and Italy push for subsidies, tax cuts, or ETS reforms, risking rifts that could shape Europe’s energy policy for years.
China has emerged as the dominant force in the global energy transition, leading in renewable deployment and low-carbon tech while the United States withdraws from climate leadership; yet China still relies on coal for reliability and tightly controls critical minerals and processing, creating security and dependency questions for Western economies as they race to catch up.
Stellantis disclosed a 22-billion-euro charge to overhaul its business to accelerate its electric and hybrid-vehicle rollout, blaming overestimation of the energy transition pace and prior execution issues. As part of a reset, it will pause its 2026 dividend and issue up to 5 billion euros in bonds while pursuing a large U.S. investment that will add 5,000 jobs. The company still targets mid-single-digit revenue growth and a low-single-digit margin rise in 2026, after signaling a likely 2025 net loss and noting a sharp drop in its shares.
Greenland sits on vast, largely under‑ice reserves of critical resources—rare earth elements, other minerals, and substantial hydrocarbons—tied to its complex geologic history. While onshore and sub-ice deposits could reshape the global supply of REEs and energy minerals, exploration is expensive, environmentally sensitive, and tightly regulated, with climate-driven ice melt potentially both opening and complicating access.