## Slowly but Surely, a Farewell to Fossil Fuels

_IMF Blog, January 18, 2018_

## Source details

**Canonical URL:** [Slowly but Surely, a Farewell to Fossil Fuels](https://www.imf.org/en/blogs/articles/2018/01/18/slowly-but-surely-a-farewell-to-fossil-fuels)

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## Bibliographic details
- Authors: The Editors
- Published: January 18, 2018

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### Publication metadata
- Title: Slowly but Surely, a Farewell to Fossil Fuels
- Authors: The Editors
- Publication date: January 18, 2018
- Updated: January 19, 2018

### Major findings and observations
- "This has never happened before. Never." — three years of stagnating carbon dioxide emissions coupled with relatively healthy global economic growth.
- "Eighty percent of the world’s energy consumption is based on fossil fuels," which "account for most of the greenhouse gases that are warming the planet."
- Declines in emissions alongside growth were driven by:
  - the declining energy intensity of the Chinese economy,
  - "rapid, large-scale investments in renewable energy—especially in solar power," and
  - "a large-scale shift from use of coal to natural gas."
- Structural shifts from coal to gas are "ongoing in the United States, and to a lesser degree also in China," and "it has an impact on reducing carbon emissions."

### Technology and sector focus
- The overwhelming majority of clean energy investment is in the electricity sector; therefore, "there must be a persistent push on renewable and low-carbon energy sources into electricity."
- "There are technological solutions, but countries have to rethink their electricity regulations in a quite comprehensive fashion."
- Limits of current technology are acknowledged: "For example, do not expect to see an electric aircraft anytime soon." Continued innovation is required to develop additional technological solutions that will replace fossil fuels.

### Political economy and employment implications
- Large-scale shifts in economies create political challenges and job losses are a central concern.
- On technology and employment, Laszlo Varro observes: "In the past 12 months in the U.S., the retail industry lost more jobs because of Amazon than the coal industry’s job losses in the last five years combined."
- Varro suggests that shifts in energy sources are not necessarily the largest driver of employment change relative to other technological and market forces.

### Multimedia and related readables mentioned
- A podcast features International Energy Agency Chief Economist Laszlo Varro discussing leaving fossil fuels in the past.
- Other pieces referenced: "End of the Oil Age: Not Whether But When"; "Chart of the Week: Electric Takeover in Transportation"; "Countries Are Signing Up for Sizeable Carbon Prices."

*Source: Slowly but Surely, a Farewell to Fossil Fuels (The Editors), January 18, 2018; updated January 19, 2018.*

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## References

- [https://www.imf.org/wp-content/uploads/2018/01/Blog-1024x600-Drilling-rig-North-Dakota-Jim-Gehrz-MCT-Newscom-krtphotoslive655249.jpg](https://www.imf.org/wp-content/uploads/2018/01/Blog-1024x600-Drilling-rig-North-Dakota-Jim-Gehrz-MCT-Newscom-krtphotoslive655249.jpg)
- [warming the planet](https://blogs.imf.org/2017/09/27/the-unequal-burden-of-rising-temperatures-how-can-low-income-countries-cope/)
- [End of the Oil Age: Not Whether But When](https://blogs.imf.org/2017/09/12/end-of-the-oil-age-not-whether-but-when/)
- [Chart of the Week: Electric Takeover in Transportation](https://blogs.imf.org/2017/07/31/chart-of-the-week-electric-takeover-in-transportation/)
- [Countries Are Signing Up for Sizeable Carbon Prices](https://blogs.imf.org/2016/04/21/countries-are-signing-up-for-sizeable-carbon-prices/)

_Source: https://www.imf.org/en/blogs/articles/2018/01/18/slowly-but-surely-a-farewell-to-fossil-fuels_