Fossil fuel

**Fossil Fuel Overview**:
– Fossil fuels are formed from fossilized remains of dead plants under heat and pressure over millions of years.
– They include oil, coal, and natural gas, and are located in specific areas on Earth.
– The term “fossil fuel” was coined in 1759 by Caspar Neumann.
– Fossil fuels are non-renewable due to their lengthy formation process.

**Importance and Consumption**:
– Fossil fuels are vital for human development, enabling heat production, transportation, and electricity generation.
– In 2022, the global oil and gas industry reached a record net income of US$4 trillion.
– Over 80% of primary energy consumption globally in 2022 was from fossil fuels.
– Large-scale burning of fossil fuels leads to environmental damage and contributes significantly to greenhouse gas emissions.

**Environmental Impact and Transition to Sustainable Energy**:
– Burning fossil fuels is the main source of greenhouse gas emissions, air pollution, and climate change.
– Fossil fuel phase-out could save millions of lives annually and is essential for mitigating climate change.
– Transitioning to sustainable energy sources is crucial, with the need for policies like the Paris Climate Agreement to facilitate the shift.
– The International Energy Agency stated that no new fossil fuel extraction projects can be opened to meet climate change mitigation goals.

**Health and Social Impact**:
– Fossil fuel pollution causes illness and premature deaths, with over 8 million global air pollution deaths attributed to fossil fuels in 2018.
– Scientists estimate that transitioning from fossil fuels to nuclear power could save 1.8 million lives.
– Just transition policies are necessary to address societal burdens from stranded assets in the fossil fuel industry and ensure workers’ rights during economic shifts.

**Economic and Policy Aspects**:
– Fossil fuel subsidies, estimated at one trillion dollars in 2022, hinder the transition to sustainable energy.
– The fossil fuels lobby, including major companies like ExxonMobil and Shell, influences governmental policies on environmental protection and climate action.
– Divestment movements, with $14.6 trillion divested from the fossil fuel industry, pressure institutions to invest in climate solutions.
– Efforts to reduce fossil fuel subsidies, phase out inefficient subsidies, and balance economic growth with environmental sustainability are crucial for a just and sustainable energy transition.