The road to Santa Marta: Transitioning away from fossil fuels require credible corporate transition plans

The question is no longer whether the world must transition away from fossil fuels, but how. Fossil fuel dependence is not only a climate challenge, but it is a growing economic risk. Volatile energy markets, driven by geopolitical tensions, continue to expose economies to price shocks and supply disruptions. These impacts are unevenly felt across the world, highlighting deep structural inequalities and reinforcing the need for coordinated international action to deliver cleaner, more resilient and more equitable energy systems.

The UAE Consensus at COP28 set the direction. COP30 in Belém reinforced the urgency. And now the First Conference on Transitioning Away from Fossil Fuels (TAFF), co-hosted by the Governments of Colombia and the Netherlands in Santa Marta, need to deliver a critical shift to implementation. TAFF builds on a shared commitment by over 80 countries to deliver a just and equitable transition away from fossil fuels through a clear and actionable roadmap.

Energy companies sit at the centre of this transition. Their strategies will determine whether the shift is managed and orderly, or whether it locks in continued fossil fuel dependence. As co-leads of the Private Sector Engagement Track, WBA aims to ensure that business has both a central responsibility and clear opportunity in shaping and delivering the transition.

At the core of this effort our message is simple: credible corporate transition plans are the clearest signal of real economy progress, and essential to ending fossil fuel dependency and transforming supply and demand.

For the TAFF process, WBA will bring evidence on 280 energy and energy-intensive companies, providing insight into how corporate strategies, investments and production decisions align with the transition.

Corporate transition plans must be embedded in the roadmap. Transition plans should become standardised governance and financial planning tools, guiding capital reallocation toward low-carbon systems while supporting a just transition for workers. Recognising transition plans in the TAFF roadmap will help clarify the responsibility of governments and the private sector, and accelerate the shift from ambition to implementation.

An ambitious outcome in Santa Marta can shape decisions far beyond the conference – reinforcing the connection between national policy and real economy action, and laying the groundwork for implementation-focused outcomes at COP31.

Join us

In our role as co-lead of the Private Sector Engagement Track, WBA is convening:

• A virtual pre-meeting to align stakeholders ahead of the conference (9 April)
• A private sector dialogue in Santa Marta (27 April)
• Representation at ministerial discussions (28-29 April)

Get in Touch

For more information on our work, to engage in the Private Sector Track or to connect on ground in Santa Marta, please contact Maria Azul (Multilateral Engagement Manager) and Charlotte Reeves (Multilateral Engagement Lead).