Oil And Gold Forecast, News and Analysis:
- Home
- Latest Energy News
Drill Baby Drill Returns as G20 Drops Fossil Fuel Phase-Out from Final Draft
The G20 just fumbled the fossil fuel debate. Or did it?
Rio’s final G20 statement dropped any explicit call to phase out oil, gas, and coal. Instead, it offered vague applause for the UAE Consensus from COP28. This wasn’t an oversight. It was a decision.
‘;document.write(write_html);}
At COP28, 200 countries agreed to phase out fossil fuels by 2050. The G7 doubled down earlier this year. COP29 in Baku was supposed to build on this. Then Rio happened.
‘;document.write(write_html);}else{var write_html=’
ADVERTISEMENT
‘;document.write(write_html);}
Now, G20 leaders are dodging the hard part. No one should be shocked. The idea that “inexperienced aides” missed the memo on the importance of banning fossil fuels? Please. They knew exactly what they were doing.
Here’s the dynamic: COP talks big. G20 delivers (or doesn’t). COP says, “let’s save the planet.” G20 says, “who’s paying for it?” This time, they didn’t even fake enthusiasm.
Some are calling Rio a win, pointing to the G20’s promise to scale up climate finance “from billions to trillions.” But this comes wrapped in vague promises, with no details on timelines or mechanisms. Critics are already calling it hollow rhetoric, masking the absence of real action on fossil fuels.
Trump’s reelection played its part. His pro-oil stance and “drill, baby, drill” battle cry have reshaped global climate diplomacy—all without being armed with more than mere words and a healthy show of voter support. G20 leaders were always going to tread lightly. The political reality now favors fossil fuels, and that was reflected in Rio’s final language—or lack of it.
The implications are huge. Without G20 backing, COP29 is hanging by a thread. Negotiators in Baku are scrambling. Pro-oil nations like Azerbaijan are seizing the moment. Argentina didn’t even bother to show up.
Blame is flying everywhere. Some point fingers at Brazil’s leadership for mishandling the language. Others blame a fractured G7. But blaming bureaucratic missteps misses the point. This was never about incompetence. It was about priorities.
The G20 has spoken—just not in words. Fossil fuels aren’t going anywhere fast. The tide hasn’t just turned; it’s gone out completely. Anyone surprised by this wasn’t paying attention.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com
- Trump Picks Oil Executive as Head of the Department of Energy
- From Beijing to Riyadh: Trump’s Blueprint for U.S. Dominance
- Global Natural Gas Demand and Inventories Rose in September
Join the discussion | Back to homepage
Source: https://oilprice.com/
More Stories
Oil Prices Get a 2% Boost Amid Geopolitical Drama
Oil Prices Set for Weekly Gain as War Premium Jumps
Nortvolt Files for Bankruptcy