Thanks for this clear and reasonable reply.
Clearly you don't just stop the flow of fossil fuel without having a replacement source.
The credible way out of the problem of burning fossil fuels is to replace as many energy sources as possible with renewables (wind, solar, geothermal, hydro, etc.). This will cost money and there need to be strong market signals to accelerate the change. Something like a carbon tax with the proceeds going to develop renewable resources would work (for some value of $tax and $subsidy).
The problem is political (mainly in the US) where the corporations which count fossil fuels and fossil fuel infrastructure as "assets" are able to corrupt the political process to prevent the necessary incentives from being put in place. I fear that it is already too late since we are now experiencing the effects of climate change and it will get much worse going forward. However, any reduction in CO2 now will help in the future.