Fossil fuels have driven rising prosperity for more than 200 years and today provide 80 per cent of human energy needs. But carbon dioxide emissions from their use threaten potentially catastrophic climate change. To avoid that we must achieve net zero emissions across the whole world by around 2060.

That may seem daunting. But it would be undoubtedly technically possible at very small economic cost, as a report from the Energy Transitions Commission makes clear. The issue is not feasibility, but whether governments, industry and consumers are willing to take the actions required to get there.

Achieving net zero emissions requires boosting the role of electricity. The commission, which I chair, estimates its share of energy demand must grow from 20 per cent today to more than 60 per cent by mid-century. Total generation would have to rise from 20,000 terawatt hours to up to 100,000 twh.