Fossil fuels cost too much not to rapidly phase them out

The statement contends that the global fossil fuel system is inherently violent and volatile, citing 2026 conflicts in the Middle East and Venezuela as evidence. It advocates for the Santa Marta conference as a mechanism to move beyond the industry-influenced COP process to implement concrete actions, such as 'polluters pay' taxes on fossil fuel profits and grant-based climate finance for the Global South. The author asserts that the economic cost of fossil fuel price spikes outweighs the cost of transitioning to net zero, noting that 91% of new renewables projects are now cheaper than fossil fuel alternatives.

• The document asserts that the global fossil fuel system is characterized by volatility and conflict, citing 2026 events including a US seizure of the Venezuelan President and US and Israeli attacks on Iran that targeted oil infrastructure and shipping routes.
• The Santa Marta conference, hosted by Colombia and the Netherlands from 24-29 April, is presented as a space for committed countries to implement strong climate policies and governance structures for a just transition, contrasting it with the UN COP process which the author claims has been "coopted by industry influence".
• Proposed mechanisms for the energy transition include applying taxes to the profits of fossil fuel companies, providing grant-based climate finance to poorer nations to address ecological debt, and expanding public control of energy systems.
• Economic data is cited to argue that the transition is more affordable than maintaining fossil fuel dependency: the International Renewable Energy Agency reports that 91% of new renewables projects are cheaper than fossil fuel equivalents, and the UK's Climate Change Committee suggests a single price spike like that of 2022 could cost as much as the UK's entire net zero pathway to 2050.

APA

Global Witness (2026). Fossil fuels cost too much not to rapidly phase them out. https://globalwitness.org/en/campaigns/fossil-fuels/fossil-fuels-cost-too-much-not-to-rapidly-phase-them-out/

Chicago

Global Witness. Fossil fuels cost too much not to rapidly phase them out. 2026. https://globalwitness.org/en/campaigns/fossil-fuels/fossil-fuels-cost-too-much-not-to-rapidly-phase-them-out/.

Wikipedia

{{cite press release |author=Global Witness |title=Fossil fuels cost too much not to rapidly phase them out |date=20 April 2026 |url=https://globalwitness.org/en/campaigns/fossil-fuels/fossil-fuels-cost-too-much-not-to-rapidly-phase-them-out/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitness2026fossil, author = {{Global Witness}}, title = {{Fossil fuels cost too much not to rapidly phase them out}}, publisher = {Global Witness}, year = {2026}, month = apr, url = {https://globalwitness.org/en/campaigns/fossil-fuels/fossil-fuels-cost-too-much-not-to-rapidly-phase-them-out/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }