Commodities April 27, 2026 09:31 AM

Around 60 Nations to Convene in Colombia to Chart Practical Exit from Oil and Gas as Middle East Conflict Drives Prices Up

Ministers will focus on tools to accelerate fossil fuel phase-out rather than new global targets amid disrupted energy markets

By Priya Menon
Around 60 Nations to Convene in Colombia to Chart Practical Exit from Oil and Gas as Middle East Conflict Drives Prices Up

About 60 governments will meet in Santa Marta, Colombia, starting Tuesday to discuss concrete measures to phase out fossil fuels. The convening prioritizes operational steps - financing, regulation and planning - to ease the transition away from oil and gas, a push sharpened by the Iran war that has strained global supplies and elevated energy prices. Major emitters including China and the United States, and several leading oil producers, are not participating.

Key Points

  • Around 60 governments, including Brazil, Germany, Canada and Nigeria, will meet in Santa Marta, Colombia to discuss practical measures to phase out fossil fuels; China, the U.S. and several major Middle Eastern producers are not attending - energy and policy sectors impacted.
  • The meeting will concentrate on financing, regulatory incentives, planning instruments and how to create conditions for industries to switch from gas to electricity - affecting energy, industrial and investment sectors.
  • Organisers say the Iran war has disrupted oil and gas markets, driving up prices and exposing import dependencies in Asian economies and raising costs across Europe, reinforcing arguments for reduced fossil fuel reliance - macroeconomic and energy markets impacted.

Around 60 governments, among them Brazil, Germany, Canada and Nigeria, will gather in Santa Marta, Colombia, beginning Tuesday for the first international meeting explicitly aimed at phasing out fossil fuels, officials said. The session is designed to focus on actionable measures to shift economies off oil and gas rather than to set new global targets of the kind typically negotiated at U.N. climate summits.

Organisers said the meeting will bring ministers and officials together to exchange experience on concrete policy instruments. "We’re not negotiating ambitions, we’re not negotiating commitments. This really is about sharing how you do this," said Stientje van Veldhoven, the Netherlands climate minister, whose government is co-organising the event with Colombia.

Delegates are expected to concentrate on the practical levers needed to trigger a phase-out: the kinds of financial instruments that can mobilise capital, regulatory incentives to accelerate change, and planning tools that can sequence the transition, van Veldhoven said. Talks will also examine how to create investment conditions that allow industries to move from gas to electricity and how to reform fossil fuel subsidies.

The convening is intended as a coalition of willing nations prepared to share operational experience. Notably absent are the world’s two largest emitters, China and the United States. Saudi Arabia and other major oil and gas producers in the Middle East are also not attending.

Organisers and participants have cited the current conflict in Iran as a reminder of how exposed many countries remain to disruptions in oil and gas supplies. The Iran war has unsettled global oil and gas markets and pushed prices sharply higher, officials said. Asian economies have experienced fuel shortages, while European countries have faced sharply rising energy costs.

Van Veldhoven described the energy crisis as strengthening the rationale for a managed exit from oil and gas on grounds of economic and energy security in addition to climate objectives. "This war in the Middle East has ramifications all around the world because of our dependency on fossil fuels," she said. "The less you are dependent on it, the less vulnerable you are."

Participants also see the meeting as an expression of impatience with the pace of annual U.N. climate negotiations, where nearly 200 countries must reach consensus for decisions. Countries committed at the COP28 summit in 2023 to transition away from fossil fuels, but subsequent COP sessions have achieved limited progress in implementing that pledge. Delegates have pointed to examples of obstruction: countries including Saudi Arabia have blocked recent proposals targeting fossil fuels.

Carbon dioxide emissions from burning coal, oil and gas remain the primary driver of climate change, and organisers say the Santa Marta meeting is aimed at moving from high-level commitments to the operational steps that can produce results on the ground.


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Risks

  • Absence of major emitters and leading oil producers from the meeting - China, the United States and Saudi Arabia are not participating - which may limit the global scope and implementation of agreed operational measures; impact on international energy policy coordination.
  • Geopolitical instability from the Iran war has already triggered fuel shortages and surging prices in parts of Asia and Europe, creating short-term volatility in energy markets and risks for supply-dependent industries.
  • Slower progress in formal multilateral climate negotiations, with previous COP commitments not translating quickly into implementation and instances of proposals being blocked, which could delay large-scale policy-driven investment shifts in the energy sector.

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