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Study: USA and EU must finance fossil fuel phase-out

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Published: December 12th, 2023,
Last updated: May 28th, 2025

Kohlekraftwerk China
Rich countries must accelerate the phase-out of fossil fuels – and provide more financial support to poorer countries, NGOs demand.

To limit global warming to 1.5 degrees, many Western countries would have to stop using coal, oil and gas soon after 2030. This is according to an NGO report recently presented at COP28. The authors calculated phase-out dates for various countries based on their wealth and dependence on fossil fuels. The wealthier a country and the lower its dependency, the earlier the calculated phase-out date. Wealthy countries such as the USA, Norway, Canada and Germany, as well as emerging economies such as China and Russia, would have to phase out coal, oil and gas shortly after 2030 or before 2035. This would give countries with even higher dependency or less financial capacity, such as Kuwait and Saudi Arabia, or even the poorest countries, such as South Sudan, more time to make the final phase-out.

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Fossil fuels Coal phase-out