But things have moved on enormously since 1974. The IEA must now contend with the fact that fossil fuels are rapidly becoming yesterday's energy source, and that the future belongs to renewables.

In a landmark report released last month, the IEA threw its weight behind the global campaign to reach net zero emissions by 2050. It set out a roadmap containing 400 milestones that would enable the economies of the world to make this historic shift.

"These include, from today, no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants," the IEA announced. "By 2035, there are no sales of new internal combustion engine passenger cars, and by 2040, the global electricity sector has already reached net-zero emissions."

The agency warned that even these measures would barely get us over the line to keep global warming to a manageable 1.5°C. Facing the "greatest challenge humankind has ever faced" would require "strong and credible policy actions from governments, underpinned by much greater international cooperation."

So, how does this fit with our own government's policies?

The Morrison government has adopted the "net zero by 2050" language, repeatedly asserting that we are "on track" for meeting that goal. The prime minister has even said we'd meet our emissions obligations "in a canter". The problem is that this talk is not backed up with any meaningful local roadmap. Taxing carbon pollution - unpopular but it works - is off the table. Electric cars are disparaged as "wrecking the weekend". And massive subsidies to the fossil fuel industry continue.

Just as the IEA was releasing its report, the Morrison government announced that our two remaining oil refineries in Brisbane and Geelong would be getting up to $2 billion to stay in the game until 2030. That's designed to keep petrol flowing at the pump in the case of future oil supply disruption, which might be seen as a prudent policy in terms of national security. But it also assumes that by 2030, it'll be business as usual for the internal combustion engine. With the rest of the world rapidly shifting to electric vehicles and renewable energy, this is a foolhardy assumption.

Instead, we're driving like it's 1974.

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