This underlines the need to reduce our dependence on fossil fuels. Another huge cost of our reliance on fossil fuels is climate change. The earth is warming rapidly, with massive risks to ecosystems and humans, and urgent action is needed to reduce our consumption of fossil fuels and shift to green sources of energy.
[3] At the global level, energy generated from oil, coal and natural gas makes up more than 80 per cent of primary energy consumption. According to the Network for Greening the Financial System (NGFS), this share will have to be reduced to around 30 per cent to reach net-zero emissions by 2050. For the EU, the reduction will have to be even greater.