’A new power’: Trump not invited to climate conference attended by 60 countries

Key Points:

• The UN climate COPs have been criticized for lacking concrete plans to phase out fossil fuels, largely due to the consensus rule requiring all countries to agree before decisions are made, leading to slow progress.
• The First International Conference on the Just Transition Away from Fossil Fuels, hosted by the Netherlands and Colombia, aims to accelerate the shift to cleaner energy by engaging a coalition of proactive countries, excluding the Trump administration due to its anti-climate policies.
• Despite the US federal government's stance, several US states like California are advancing climate action through carbon markets and emissions reductions, while Quebec in Canada has legislated a halt to new fossil fuel exploration.
• Financial barriers, including high borrowing costs and limited access to financing for renewable projects, especially in developing countries, hinder the transition from fossil fuels, perpetuating a "debt–fossil fuel trap" where countries rely on oil and gas revenues to service debt.
• Experts highlight that while renewable energy generation costs are often lower, the global financial system favors fossil fuels, making it challenging for many countries to invest in the necessary infrastructure for a clean energy transition.