SENATORS’ STATEMENTS — Conference on Transitioning Away from Fossil Fuels

Honourable senators, I rise today following the first international Conference on Transitioning Away from Fossil Fuels, which was held in Santa Marta, Colombia. It was a gathering of parliamentarians, ministers, Indigenous leaders, scientists, economists, trade unions and youth from around the world.

This was not just another climate conference focused on emissions targets. It addressed a question the world has avoided for too long: How do we organize and manage a just and permanent transition away from fossil fuel dependence?

The 57 countries that participated represent more than half of global GDP, 30% of the world’s population and 20% of global fossil fuel production. These nations sent a powerful signal to markets, industries and investors: The future belongs to clean energy, resilient economies and fossil-free development.

What struck me most was that urgency is no longer driven by climate science and environmental advocates but by economics, geopolitics, safety and security.

Instability caused by recent conflicts has once again exposed the fragility of fossil fuel dependence. Countries that have invested in renewables are proving to be far more resilient. With China leading the transition, solar energy is developing rapidly in Pakistan, India and Indonesia, and enormous new investments in renewables are being made in Latin America, Europe and elsewhere. Energy security increasingly means renewable energy sovereignty.

Three key pillars were addressed: reducing economic dependence on fossil fuels; transforming energy systems through electrification and renewables; and creating stronger international cooperation and governance frameworks.

The transition is about an orderly transformation that protects workers, communities and economies while avoiding stranded assets and future instability.

A stark warning is coming from central banks, insurers, economists and financial regulators, who increasingly view dependence on fossil fuels as a major destabilizing risk. Colleagues, these agencies and institutions are not activists; they do not have ecological goals. They are not lobbyists either; their business and expertise lie in assessing and managing financial risk. The transition is accelerating.

The question is no longer whether the world will move away from fossil fuels; it is whether Canada will follow suit or pay dearly for lagging behind.

Thank you. Meegwetch.