More than 50 countries including Germany, UK, Brazil, Nigeria and Australia are gathering in Colombia for the first international meeting dedicated to phasing out fossil fuels. The top three carbon-emitting nations - China, US, and India - contributing 40% of global emissions, are notably absent despite the energy crisis driven by the Middle East war.

Colombia and Netherlands co-host the talks where officials aim to negotiate trade deals offering preferential treatment to countries ending fossil fuel use. A Colombian roadmap suggests fossil fuel demand could be cut by 90% between 2026-2050, requiring $10 billion in annual upfront investment before net economic benefits begin in the early 2040s.

The summit represents an attempt to circumvent tactics by Saudi Arabia and Russia that have blocked discussions in official UN negotiations. Despite these challenges, Colombia's environment minister emphasizes the $20 billion in annual net economic benefits expected by the end of the transition. This coalition of willing nations hopes to establish a continuous dialogue on accelerating the fossil fuel phaseout while addressing immediate energy security concerns.