57 Nations Meet in Colombia to Map Fossil‑Fuel Phase‑Out as IMF Flags $7 Trillion in Subsidies

*TL;DR: 57 countries that together generate more than 50 % of world GDP convened in Colombia to design national plans for ending fossil‑fuel production, as the IMF estimates $7 trillion in subsidies sustain the sector.

Context The First Conference on Transitioning Away from Fossil Fuels opened in Santa Marta, Colombia, on 24 April and ran through 29 April. Organisers positioned the summit as an alternative to the stalled United Nations climate talks, where consensus rules often let oil‑rich states block stronger language. The meeting attracted civil‑society groups, Indigenous leaders and scientists, all pushing for concrete action.

Key Facts - Fifty‑seven states attended, a coalition that accounts for more than half of global gross domestic product (GDP). - The participating nations include both major fossil‑fuel producers—such as Angola, Brazil and Nigeria—and large consumers, creating a broad base for coordinated policy. - The International Monetary Fund (IMF) calculated that in 2024 explicit subsidies—direct budget outlays to the industry—totaled $725 billion, while implicit subsidies—unpaid environmental and social costs—reached $6.7 trillion, together equal to 5.8 % of global GDP. - Delegates agreed to develop national roadmaps that go beyond the standard “nationally determined contributions” required under the UN framework, outlining timelines for phasing out extraction and consumption. - Colombia presented a draft roadmap that aims to replace coal, gas and oil revenues with renewable energy, arguing that upfront investment will yield long‑term economic and health benefits. - A parallel process was launched to reform the international financing system, targeting debt relief for the Global South and the reallocation of fossil‑fuel subsidies toward clean‑energy projects.

What It Means The summit marks the first coordinated effort by a majority‑GDP bloc to confront the financial underpinnings of the fossil‑fuel economy. By quantifying subsidies at $7 trillion, the IMF highlights the scale of fiscal support that keeps carbon‑intensive activities profitable. Redirecting even a fraction of that money could fund renewable infrastructure, especially in debt‑burdened developing nations.

Implementation will test the coalition’s resolve. Nations must translate roadmap pledges into legislation, secure financing, and manage political resistance from entrenched fossil‑fuel interests. The next step is a series of technical working groups, slated to report progress by the end of 2025. Monitoring how quickly subsidies are identified and repurposed will indicate whether the summit’s ambition can move beyond rhetoric.

*Watch for the first set of national transition plans to be published in early 2025 and for IMF updates on subsidy reallocation.*