New analysis finds that in 2024, public financial support for fossil fuels exceeded USD 1.2 trillion, compared with USD 254 billion for clean energy—meaning fossil fuels still received around five times more public support than renewables.
“Countries are going into Santa Marta with the energy crisis at the top of most of their minds. They have a visceral reminder of just how volatile, unpredictable, and unstable it is to rely on fossil fuels,” said IISD's Natalie Jones.
Ahead of the Santa Marta Conference, this session will bring together experts and practitioners to examine how international roadmaps to transition away from fossil fuels can complement national planning and strengthen multilateral and plurilateral cooperation.
This session will look at how developing countries—whether fossil fuel exporters or energy importers—can phase out fossil fuels without tipping into sovereign debt crisis, and the role multilateral institutions can play in making that possible.
Bringing together leading experts, this event will explore how 1.5°C-aligned fossil fuel phase-out pathways can be translated to the national level, what equitable phase-out looks like, and how institutions can support credibility and accountability.
This session focuses on mobilizing clean energy investment through smart policy design. It examines how governments can deploy carbon pricing, tax incentives, and complementary measures to attract private capital, and how to build a policy mix that is fiscally sustainable, well-coordinated, and resilient.