The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
"The combined global discounted value of the unburned fossil fuels and stranded fossil fuel infrastructure has been projected to be around 1–4 trillion dollars from 2015 to 2050 to limit global warming to approximately 2C, and it will be higher if global warming is limited to approximately 1.5C," the IPCC said.
It said nations should stop burning coal completely and cut oil and gas use by 60 and 70 percent respectively by 2050 to keep within the Paris deal goals, noting that both solar and wind were now cheaper than fossil fuels in many places. The idea of stranded assets, taken up by both environmentalists and investors, has gained popularity and has been used in shareholder meetings of energy companies such as ExxonMobil or TotalEnergies.
There is one "path that says we must live without fossil fuels, facing an economy that is rather more geared up to do the opposite".
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