Story perspectives

55 Nations Form Coalition, Demand $2.4 Trillion for Phase-Out

4/28/2026

Summary

Story summary

The Santa Marta summit, held April 26-29 2026 in Colombia, was the first conference devoted solely to planning a fossil-fuel phase-out.
Delegates warned developing nations need $455 billion to $2.4 trillion annually by 2030, far above the $35 billion currently available.
About 55 countries formed a ‘coalition of the willing’ to produce a report for COP31, meeting amid Iran-war-driven energy volatility that participants cite as a reason to cut fossil-fuel reliance.

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Story summary

The Santa Marta summit, held April 26-29 2026 in Colombia, was the first conference devoted solely to planning a fossil-fuel phase-out.
Delegates warned developing nations need $455 billion to $2.4 trillion annually by 2030, far above the $35 billion currently available.
About 55 countries formed a ‘coalition of the willing’ to produce a report for COP31, meeting amid Iran-war-driven energy volatility that participants cite as a reason to cut fossil-fuel reliance.