The final text does not include a binding fossil fuel phase-out roadmap. It avoids even mentioning “fossil fuels”, a step-back from COP28. Instead, governments created voluntary pathways and dialogues. Momentum grew, but ambition still falls way short of what science requires.
Yet, the silver lining: the issue of fossil phase-out was front and centre in the discussion, and that matters. More than 80 countries (from the global north and south, fossil-producing and vulnerable nations alike) called for a roadmap to end production of coal, oil and gas. With the fossil industry causing a whopping 90% of CO2-emissions, the climate crisis simply cannot be solved without that phase-out.
We call on governments to now follow suit and join the Fossil Fuel Treaty Initiative
It is a promising sign that Cambodia became the 18th nation-state to support the Fossil Fuel Treaty initiative, a clear signal from Southeast Asia. We also welcome the announcement in Belém by the Colombian and Dutch government to co-host the world’s first global conference on phasing out fossil fuels in April 2026. This conference is a huge step toward a much-needed international, binding treaty to end the production of coal, oil and gas. Given this leadership, it is only logical for the Dutch government to take the next step and follow co-host Colombia in formally endorsing the treaty.
The financial sector is still part of the problem
Meanwhile, big banks still fuel the fossil industry with massive amounts of finance. This amount is growing again (currently almost 900 billion USD), a worrisome shift in direction after fossil fuel financing had been decreasing since 2021. COP30 again highlighted the role of private finance, but outcomes remain voluntary and vague. Private capital mobilisation is encouraged, yet there are no binding standards introduced to stop fossil financing or require credible transition plans. Despite growing calls from civil society and financial actors, COP30 made little progress on aligning private financial flows with 1.5°C or curbing private finance for fossil fuels.
We need a financial sector that aligns with the future we need, not the past we must leave behind. That means finance must shift away from fossil fuels and towards real solutions such as renewable energy and nature restoration. Banks can be a force for good, but this transformation will not happen on goodwill alone. We need binding rules that align the economy and finance with a safe climate, including fossil phase-out pathways. And we need them today rather than tomorrow.
What Triodos Bank is doing
At Triodos Bank, we have always been an advocate for a fossil-free economy. Since our foundation in 1980, we’ve financed climate solutions and excluded the fossil industry from our loans and investments. Next to this we are an outspoken advocate on climate action and were the first bank to support the Fossil Fuel Treaty Initiative.
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