Colombia local weather convention highlights challenges to shift from fossil fuels

[ad_1] SANTA MARTA, Colombia (AP) — Lack of financing is without doubt one of the greatest limitations to transferring away from fossil fuels, officers and specialists mentioned at a worldwide convention Monday in Colombia geared toward dashing up the shift from fossil fuels to cleaner power.

The gathering in the Caribbean city of Santa Marta comes as governments face mounting strain to maneuver past local weather pledges and start outlining how one can part out oil, fuel and coal, the principle drivers of worldwide warming. Whereas U.N. local weather talks have acknowledged the necessity for a transition, they've produced few concrete mechanisms, leaving international locations and areas to grapple with the financial challenges largely on their very own.

Whereas renewable power reminiscent of photo voltaic and wind is usually cheaper to generate than fossil fuels, specialists say the price of transitioning is pushed by different components. Governments should make investments closely in infrastructure, together with energy grids and storage, whereas changing current oil and fuel techniques that also underpin many economies. In creating international locations, excessive borrowing prices and restricted entry to financing may make clear power initiatives considerably costlier to construct, even when they're cheaper to run over time.

The monetary system favors fossil fuels Consultants say the issue is rooted in how the worldwide monetary system is structured.

Many international locations and regional governments aren't against shifting away from fossil fuels, however are constrained by debt, restricted fiscal area and the excessive price of financing cleaner power initiatives, mentioned Amiera Sawas, head of analysis and coverage on the Fossil Gas Non-Proliferation Treaty Initiative.

“They aren’t wedded ideologically to fossil fuels,” she mentioned. “They will entry financing for fossil fuels extra simply.”

Individuals arrive at a convention geared toward transitioning away from fossil fuels Monday, April 27, 2026, in Santa Marta, Colombia. (AP Photograph/Ivan Valencia)

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In lots of creating areas, borrowing prices for renewable power might be a number of instances greater than in wealthier economies — averaging about 15% in elements of Africa in contrast with roughly 2% in Europe and North America — making it cheaper within the brief time period to proceed investing in oil and fuel.

That dynamic can create what researchers describe as a “debt–fossil gas lure,” the place international locations depend on oil and fuel revenue to service debt and preserve power entry, leaving them with little room to put money into alternate options.

Governments search for methods to fund the transition In opposition to that backdrop, some governments are turning to fossil gas revenues themselves as a means to assist finance the transition.

In Brazil’s Espírito Santo state, officers mentioned cash earned from oil and fuel manufacturing is getting used to assist pay for the transition to cleaner power, together with funding initiatives that cut back emissions and appeal to non-public buyers, together with a brand new fund geared toward attracting non-public funding into emissions-reduction initiatives — an instance of how some governments are utilizing fossil gas revenues to assist fund the transition away from them.

Individuals attend a session throughout a convention geared toward transitioning away from fossil fuels Monday, April 27, 2026, in Santa Marta, Colombia. (AP Photograph/Ivan Valencia)

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Officers mentioned such revenues can present a place to begin in areas the place different financing is restricted and, in some circumstances, may also help appeal to non-public capital into cleaner power initiatives.

However specialists cautioned that the method has clear limits. Fossil gas revenues might be risky, tied to global energy prices, and are anticipated to say no over time as international locations cut back manufacturing and consumption.

“Local weather finance is a problem all around the world, however on the subnational stage, it’s even larger,” mentioned Nicolas Lippolis, founder and govt director of the Centre for Vitality, Finance and Growth, who moderated a panel on the convention about the usage of royalties for the power transition.

Wealthier areas use coverage to fill the hole Officers from wealthier areas mentioned they're attempting to fill a part of that hole via coverage and market mechanisms. In america, California, for instance, has used carbon markets — systems that require companies to pay for or limit their emissions — and low-carbon gas requirements to generate funding and information the transition.

“We stay steadfast in our dedication to carbon neutrality by 2045,” mentioned Sarah Izant, deputy secretary for local weather coverage on the California Environmental Safety Company, which oversees the state’s environmental and local weather insurance policies, including the shift additionally brings public well being and financial advantages.

She mentioned California stays a “steady and dependable accomplice” on local weather motion and pointed to coalitions of U.S. states persevering with to pursue emissions cuts, at the same time as federal coverage has at instances moved away from international climate commitments and laws on fossil fuels. She acknowledged the transition has introduced challenges, together with disruptions in gas provide as refineries shut and the necessity to complement with imports within the brief time period.

However not everybody on the convention agrees with that method.

In a declaration launched Monday night on the convention, Indigenous teams mentioned efforts to part out oil, fuel and coal should not depend on carbon markets or offset schemes — the place polluters pay to offset their emissions as an alternative of lowering them — arguing such approaches fail to handle the foundation causes of local weather change.

The Trump administration was not among those invited to the Santa Marta convention, which organizers mentioned was centered on governments in search of to speed up a transition away from fossil fuels.

A household walks close to a Make Polluters Pay demonstration alongside the Caribbean Sea demanding oil firms pay for the power transition throughout a close-by convention geared toward transitioning away from fossil fuels Monday, April 27, 2026, in Santa Marta, Colombia. (AP Photograph/Ivan Valencia)

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In Canada, Quebec has taken a extra direct method, passing a regulation to halt new fossil gas exploration and manufacturing altogether.

“We determined, with a consensus, to say no to fossil gas in Quebec,” mentioned Jean Lemire, the province’s local weather envoy, at the same time as he acknowledged strain over prices and power coverage.

However Lemire warned that world efforts to coordinate the transition stay gradual.

“Proper now, on the U.N., we won't make massive development on something … as a result of we're below the rule of consensus,” he mentioned, referring to a system the place international locations should all agree earlier than choices are adopted.

Efforts to construct momentum outdoors formal U.N. talks are persevering with. Tuvalu, a low-lying Pacific island nation extremely weak to rising sea ranges, introduced at a aspect occasion throughout the convention that it's going to host the subsequent one.

“Tuvalu is just not ready for the remainder of the world to behave, we're main the way in which,” mentioned Dr. Maina Vakafua Talia, the nation’s minister of residence affairs, setting and local weather change. “This isn't a negotiating place — it's a matter of survival.”

The dialogue in Santa Marta is underscoring a broader shift within the power transition — from a technological problem to an financial one, centered on mobilizing funding and reshaping economies lengthy depending on fossil fuels.

However audio system mentioned the problem stays unresolved.

“There’s some huge cash for battle,” mentioned Lemire. “However there’s one frequent enemy — local weather change — and we don’t discover that cash.”

___

The Related Press’ local weather and environmental protection receives monetary help from a number of non-public foundations. AP is solely chargeable for all content material. Discover AP’s standards for working with philanthropies, a listing of supporters and funded protection areas at AP.org .

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