Moving away from fossil fuels - 60 countries meet as war in Iran drives up prices
About 60 countries, including Brazil, Germany, Canada and Nigeria, will hold their first meeting this week to discuss phasing out fossil fuels, as the Iran war upends global oil and gas markets and drives up prices.
The meeting of ministers and officials in Santa Marta, Colombia, will focus on practical steps to move economies away from fossil fuels, agreed at UN climate summits.
Governments will discuss "what kind of financial instruments, regulatory incentives, or planning instruments" are needed to start a phase-out. The talks will also address how to create investment conditions for industries to switch from gas to electricity and how to reform fossil fuel subsidies.
The meeting brings together a coalition of countries that will be missing China and the United States, the world's two biggest polluters. Saudi Arabia and other major oil and gas producers in the Middle East will also not attend.
The Iran war has exposed the heavy dependence of many countries on oil and gas imports, with Asian economies hit by fuel shortages and European countries facing rising energy costs.
The energy crisis had reinforced the argument for phasing out oil and gas to strengthen economic and energy security, not just to tackle climate change.
The meeting also reflects frustration among some governments over slow progress at the annual UN climate talks, where nearly 200 countries must agree on decisions by consensus. Countries agreed to phase out fossil fuels at the COP28 climate summit in 2023. But subsequent COP meetings have done little to move forward on that promise, with countries including Saudi Arabia blocking recent proposals targeting fossil fuels.
Carbon dioxide emissions from the burning of coal, oil and gas are the main driver of climate change.
Exchange rate/ Dollar and Pound strengthened. Franc loses points!
The US dollar registered a slight increase in value this morning compared to the day before, starting the day positively as it was bought at 81.2 lek and......
EU energy mix/ Crisis pushes balance towards nuclear and renewable energy
The record disruption to global energy supplies caused by the closure of the Strait of Hormuz is the main cause of the crisis. The International Energy......
Controls and measures for safety at construction sites - IKMT: Fines and suspension of works for 65 entities
The National Inspectorate of Territorial Protection announces that 65 entities have been punished so far with fines and decisions to suspend work as part of......
Can Hormuz be bypassed? - Gulf countries are considering major projects for this purpose
Leaders of Persian Gulf countries are moving forward with plans that would allow more of their crude oil to bypass the Strait of Hormuz entirely and help......
Oil prices rise 2% - Peace talks stalled. Strait of Hormuz still closed
Oil prices rose nearly 2% on Tuesday, extending gains from the previous session, as efforts to end the US-Iran war appear to have stalled, with the Strait of......
Businesses increase supplies for the summer season/ Imports increase for the season, ships at the highest level since 2005
Albania appears to be entering the 2026 summer season more prepared, with a significant increase in imports in several categories directly related to......
Works on the road "Kthesa e Bërdica - Ura e Bahçallëkut", Karakaçi: Asphalting to be completed by May 7
Works on the road segment "Bërdica Turn - Bahçallëkut Bridge", Shkodër, a very important axis for both the northern capital and the connection with......
Albanian tourism facing global challenges - Hila: There is increased interest, but uncertainty about closing reservations
Tensions in the Middle East are also reshaping tourism. Europeans are now looking for other alternatives to vacation, and one of these destinations is......
