Capitalism ‘Suicidal’, Petro Warns at Global Climate Summit

Published: 29 April 2026. The English Chronicle Desk. The English Chronicle Online
In a stark and provocative warning to world leaders, Gustavo Petro has described the current global economic system as “suicidal,” arguing that an entrenched dependence on fossil fuels is pushing humanity toward war, authoritarianism, and potential extinction. Speaking at a landmark international climate conference in Colombia’s coastal city of Santa Marta, Petro addressed representatives from 57 nations gathered to confront the escalating climate crisis and chart a path toward a greener future.

Petro’s remarks set the tone for what has become one of the most urgent and ideologically charged climate discussions in recent years. He argued that fossil fuel-driven capitalism is not merely environmentally unsustainable but structurally dangerous, warning that its continuation could trigger broader societal collapse. According to Petro, the inertia of fossil fuel industries—combined with their economic and political influence—has created a system that resists transformation, even in the face of mounting global risks.

“There is inertia in the power and the economy of this archaic form of energy—fossil fuels—that leads to death,” Petro told delegates. He suggested that the very system sustaining fossil fuel dependence could ultimately destroy itself, “taking with it humanity and other life.” His comments raise a profound question that resonated throughout the summit: can capitalism evolve into a model that no longer depends on fossil energy, or is its current trajectory inherently self-destructive?

The Colombian president also drew a direct connection between environmental degradation and political instability. He warned that the world is drifting toward “barbarism,” a condition he described as both a precursor to and a defining feature of fascism. In his view, climate inaction and economic inequality are not isolated crises but interconnected forces that could destabilize democratic institutions and fuel extremist ideologies.

The conference in Santa Marta marks the first global gathering specifically dedicated to coordinating a transition away from fossil fuels. The event began with several days of discussions involving civil society groups and academic experts before moving into high-level negotiations among government ministers and policymakers. While the summit is not expected to produce binding financial commitments, it has already become a critical forum for shaping the future of global climate policy.

Several countries have arrived at the summit with concrete plans. Colombia recently unveiled a draft roadmap outlining its strategy to reduce reliance on fossil fuels, signaling a shift in national priorities. Meanwhile, France made headlines by becoming the first developed country to publish a detailed timeline for phasing out fossil fuels. Its plan includes eliminating coal from its energy grid by 2027, ending oil dependency by 2045, and phasing out fossil gas by 2050.

French climate envoy Benoit Faraco described the strategy as a step beyond the country’s existing commitments under the Paris Agreement. France, which already relies heavily on nuclear energy, aims to expand renewable sources while positioning itself as a major exporter of clean electricity across Europe. Faraco emphasized that the transition is not only an environmental necessity but also an economic opportunity, framing it as a pathway to energy leadership in a decarbonized world.

Despite these ambitions, a recurring theme throughout the summit has been the financial constraints facing developing nations. Delegates from across the Global South highlighted the growing burden of debt as a major obstacle to climate action. Many countries, particularly those rich in fossil fuel resources, remain dependent on oil, gas, and coal exports to service their debts and sustain their economies.

Tzeporah Berman, founder of the Fossil Fuel Treaty Initiative, underscored this dilemma, noting that countries are often forced to expand fossil fuel production simply to meet financial obligations. She warned that without addressing the global debt crisis, a meaningful transition to clean energy would remain out of reach for many nations.

The scale of the problem is significant. In Africa alone, total debt has surged to over $1 trillion in just five years. Rising interest rates, coupled with inflation driven in part by energy price volatility, have intensified economic pressures. For many governments, the immediate need to stabilize their economies outweighs long-term environmental goals.

Susana Muhamad, Colombia’s former environment minister and now a key figure in the Fossil Fuel Treaty Initiative, explained that debt-stricken countries often lack the fiscal space to invest in renewable energy. She pointed out that revenues from fossil fuel exports are frequently essential for covering basic imports such as food, medicine, and technology. Without alternative financial support, these nations face a difficult trade-off between economic survival and environmental responsibility.

Civil society groups have responded by calling for debt forgiveness and structural reforms to the global financial system. Activists argue that much of the existing debt in developing countries is linked to projects that have harmed both people and the environment, including large-scale fossil fuel developments. They contend that relieving this burden is essential for enabling a just and equitable energy transition.

While the Santa Marta conference is not expected to deliver immediate financial solutions, it has opened the door to new ideas. Experts have suggested redirecting the estimated $1.5 trillion spent annually on fossil fuel subsidies toward clean energy investments. Others have called for stricter financial regulations to limit funding for fossil fuel projects and to ensure that climate risks are assessed independently rather than by the industries themselves.

Leo Roberts of the E3G think tank described the summit as an important space for dialogue, even in the absence of major funding announcements. Similarly, Nick Robins of the World Resources Institute emphasized the need to “close off the financial oxygen” sustaining fossil fuels, highlighting the role of banks and regulatory frameworks in shaping the energy transition.

As the conference continues, Petro’s warning lingers over the proceedings. His characterization of the current system as “suicidal” reflects a growing frustration among leaders and activists who see climate change not just as an environmental issue, but as a systemic crisis requiring fundamental change. Whether capitalism can adapt to a fossil-free future remains an open question, but the urgency of the challenge is no longer in doubt.