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The industry invested just $20 billion in clean energy projects last year — only ... major outcome that clearly states the goal of transitioning away from fossil fuels in line with 1.5C ...
An energy transition is a broad shift in technologies and behaviours that are needed to replace one source of energy with another. [14]: 202–203 A prime example is the change from a pre-industrial system relying on traditional biomass, wind, water and muscle power to an industrial system characterized by pervasive mechanization, steam power and the use of coal.
While crude oil and natural gas are also being phased out in chemical processes (e.g. production of new building blocks for plastics) as the circular economy and biobased economy (e.g. bioplastics) are being developed [16] to reduce plastic pollution, the fossil fuel phase out specifically aims to end the burning of fossil fuels and the consequent production of greenhouse gases.
The deal calls for "transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner ... so as to achieve net zero by 2050 in keeping with the science."
“Our mission to deliver clean power by 2030 will replace our dependency on unstable fossil fuel markets with clean, homegrown power controlled in Britain, which is the best way to protect bill ...
Proponents of the agreement argue that governments must shift public finance away from fossil fuels because "governments control them directly, and they can influence much larger private financial flows," and that "shifting public support from fossil fuels to clean energy is one way to bridge the gap in financing for clean energy."
This is particularly concerning as we are transitioning away from fossil fuels to clean energy sources due to climate change. For example, when there is not enough transmission to connect clean energy to the grid, they enter "interconnection queues", a waiting list for clean energy to essentially get turned on. [6]
"Energy transition” can mean different things to different people—and the oil and gas industry wants it to include fossil fuels