‘Suicidal’ model of capitalism leading to war and fascism, climate summit told

Key Points:

• Colombia’s President Gustavo Petro condemned the current capitalist model as "suicidal," blaming fossil fuel interests for obstructing the transition to green energy and warning it could lead to war, fascism, and humanity’s extinction.
• Colombia is hosting the world’s first conference focused on transitioning away from fossil fuels, with 57 governments participating to discuss roadmaps, timetables, and boosting low-carbon technologies.
• France became the first developed country to release a comprehensive national roadmap to phase out fossil fuels, aiming to eliminate coal by 2027, oil by 2045, and fossil gas by 2050, while increasing renewable energy alongside nuclear power.
• Developing countries highlighted the critical role of addressing debt in enabling climate action, as many are forced to expand fossil fuel production to service debts, with Africa’s debt doubling in five years and high interest rates worsening fiscal challenges.
• While the conference will not deliver new financial commitments, it aims to foster discussions on financial reforms, such as repurposing fossil fuel subsidies and tightening banking regulations to restrict fossil fuel industry financing and climate risk assessments.