How to invigorate and complete the fossil fuel transition

The global transition away from fossil fuels has stalled. While international announcements like the COP28 Global Stocktake signal political intent, actual geopolitical developments reveal a persistent interest in fossil fuels. Current fossil fuel production and consumption trajectories remain fundamentally misaligned with the temperature goals of the Paris Agreement. Yet the position of fossil fuels is more tenuous than recent trends imply. Several structural factors that have historically underpinned their dominance – most notably their control over energy supply options – are now weakening. We argue that the fossil fuel transition can be successfully completed if policymakers, businesses and financial institutions more systematically deploy solutions that already exist.