A major new report from the UN Intergovernmental Panel on Climate Change calls for an urgent shift away from fossil fuels toward renewable energy technologies in order to rein in global warming.

Why it matters: The IPCC's assessment reports set the terms of the climate debate with world leaders, CEOs and activists. A 2018 report galvanized a global youth protest movement.

The report, the third and final chapter in a broader assessment of climate science, focuses on what can be done to limit climate change.

By the numbers: The report calls for global greenhouse gas emissions to peak by 2025, and effectively rules out the possibility of limiting warming to 1.5 degrees without at least temporarily shooting past that temperature target.

The big picture: The report highlights that, during the last decade, average annual greenhouse gas emissions were at their highest levels in human history.

To lower emissions, the IPCC points to the increasing affordability of renewable energy technologies, noting the decreases of up to 85% in the costs of solar, wind and batteries since 2010.

The intrigue: According to the IPCC, limiting warming to 2°C or below, as called for under the Paris Agreement, will effectively render fossil fuel assets, such as untapped reserves and power plants already in use, unusable. These facilities would then be known as "stranded assets."

What they're saying: The report underscores the urgency of cutting emissions at a time when boosting fossil fuel production is on the agenda, due to Russia's war in Ukraine.

Go deeper: Behind the curtain of the UN's climate panel