Fossil fuel phase-out

Fossil fuel phase-out is the gradual reduction of the use and production of fossil fuels to zero, to reduce deaths and illness from air pollution, limit climate change, and strengthen energy independence. It is part of the ongoing renewable energy transition, but is being hindered by fossil fuel subsidies.

Although many countries are shutting down coal-fired power stations,^[5][6][7] electricity generation is not moving off coal fast enough to meet climate goals.^[8] Many countries have set dates to stop selling petrol and diesel cars and trucks, but a timetable to stop burning fossil gas has not yet been agreed.^[9]

Current efforts in fossil fuel phase-out involve replacing fossil fuels with sustainable energy sources in sectors such as transport and heating. Alternatives to fossil fuels include electrification, green hydrogen and biofuel. Phase-out policies include both demand-side and supply-side measures.^[10] Whereas demand-side approaches seek to reduce fossil-fuel consumption, supply-side initiatives seek to constrain production to accelerate the pace of energy transition and reduction in emissions. It has been suggested that laws should be passed to make fossil fuel companies bury the same amount of carbon as they emit.^[11] The International Energy Agency estimates that in order to achieve carbon neutrality by the middle of the century, global investments in renewable energy must treble by 2030, reaching over $4 trillion annually.^[12][13]