Global fuel shocks push 53 nations toward a fossil-fuel phaseout
Fuel shocks driven by the Iran-Israel conflict and the Strait of Hormuz disruption have intensified a global energy crisis, prompting more than 50 nations to meet in Colombia to explore a standalone treaty that winds down coal, oil, and gas while protecting workers and financial systems. The crisis also highlights the decarbonization shift as solar, wind, and battery costs fall dramatically, accelerating EV adoption and electrification—with the EU, South Korea, France, and Pacific island nations pushing renewables and reduced fossil dependence amid rising diesel bills for the islands. The talks could mark a social tipping point in how quickly the world accelerates climate action.
