53 Nations Gather in Colombia to Design Managed Fossil Fuel Phaseout Treaty

More than 50 nations are meeting in Santa Marta, Colombia to discuss a potential standalone treaty managing the phaseout of coal, oil and gas, in a historic summit that predates but has been dramatically accelerated by the Hormuz energy crisis triggered by the US-Israel war on Iran. The closure of the Strait of Hormuz has disrupted around 80 per cent of crude oil destined for the Asia-Pacific and exposed fossil fuels as structurally unreliable, accelerating a global pivot to renewables and electric vehicles.

The Strait of Hormuz crisis — described as the largest disruption of oil supply in history — has cut roughly 20 per cent of global LNG supply and damaged more than 60 gas and oil sites. Asia-Pacific governments have implemented emergency measures including fuel rationing, shortened work weeks and school hour reductions in response to dwindling supply. The crisis has sent petrol prices surging almost 50 per cent and diesel more than 70 per cent in Australia, while the EU's fossil fuel bill has increased more than $36 billion since February. South Korea, which sources 70 per cent of its crude oil through Hormuz, now plans to double renewables capacity within four years.

The global energy landscape has shifted fundamentally since the 1970s oil shocks. Solar panel prices have fallen 99.9 per cent, wind costs have declined 91 per cent since 1984 and battery prices have fallen 99 per cent since 1991, making clean energy alternatives viable at scale for the first time. Battery electric vehicles outsold petrol cars for the first time in Europe in January 2026, and Australia's 1.3 million hybrid and battery electric vehicles already avoid nearly 15 million litres of petrol and diesel use every week. The world's final oil demand per capita peaked in 1979 and has never recovered — suggesting energy shocks produce durable behavioural and structural shifts.

Colombian Environment Minister Irene Velez Torres described the summit as arriving at the best possible moment as the oil crisis focuses global attention on fossil fuel dependency. Climate scientists and social scientists both point to potential tipping points: climate feedback loops that amplify warming, and positive social tipping points where collective action rapidly accelerates change. The authors, research associates from UNSW Sydney's Institute for Climate Risk and Response, argue that if the Colombia summit produces real momentum on fossil fuel phaseout during the energy crisis, it could represent a social tipping point where early adopters make it structurally easier for the rest of the world to follow.

Key figure — 99.9% decline in solar panel prices