The Bloomberg Sustainable Business Summit returns to Singapore on July 22nd.

Our fifth annual Asia Pacific Summit will explore how business and finance leaders are shaping the next phase of globalization by strengthening resilience, advancing climate adaptation and driving a multi-speed energy transition across Asia's diverse markets.

Join us for solutions-driven discussions, interactive workshops and networking opportunities.

Learn more at Bloomberg.com slash SBS-Sysh-Singapore.

Welcome to Zero. I am Akshatrati.

This week, farewell to fossil fuels.

Thank you. Farewell to fossil fuels. At the United Nations Climate Summit in Dubai in December 2023,

all countries committed to transitioning away from fossil fuels.

And yet, in the years since, there has been little progress.

So there was a renewed push last year at COP31 in Brazil.

More than 80 countries got together to seek a commitment to develop roadmaps to phase out fossil fuels.

But even then, they could not get it into the final agreement.

So finally, out of frustration, these countries created their own forum to find ways to make progress.

This was the first conference where you have 60 countries, academics, scientists, indigenous people, civil society, unions at the table, business leaders.

And you're not talking about whether fossil fuel phase that needs to happen, you're talking about how.

Sibora Berman is the chair of the fossil fuel non-proliferation treaty initiative.

And the conference she's talking about took place in Santa Marta in Colombia in April.

It was the inaugural conference on transitioning away from fossil fuels.

And it looked to answer some practical questions.

How exactly can a country like Colombia, dependent on fossil fuels, forest economic development,

start to phase down its extraction?

What happens to fossil fuel import dependent countries like France when this phase down begins?

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