Fossil fuel could be heading for a big cliff where most countries that currently import a lot of oil/gas will be year on year reducing their imports. China is ahead of the curve here and is already importing less oil year on year. That's likely going to spread. If you extrapolate growth curves trending up for EVs a few years you can draw similar curves for oil demand trending down.

We can speculate about how quick/slow all this will progress. But it's worth pointing out that e.g. IEA, EIA and similar institutes have been repeatedly wrong and overly pessimistic with their predictions for things like adoption and cost of renewables. People are still basing policy and important decisions on their reports. So this matters. The "What if they are wrong, again?" question might have some uncomfortable answers if you are betting on them not being wrong.

A lot of developing markets are skipping oil/gas/coal completely and are going straight to renewables. They are not first building a grid using coal/gas plants but working around what little they have in terms of unreliable grid by going straight for solar/batteries and microgrids. That's a pattern you see all over parts of Africa with historically very little/flaky power infrastructure and countries like Pakistan. These are growth economies showing much quicker economical growth than the world average. That's going to spread.

Lots of countries are going to be decimating their oil/gas imports over the next 20 years. That includes transport and power generation. They'll be installing wind/solar/batteries and buying lots of EVs. Fossil fuel usage won't go all the way to zero. But it won't stay at current levels or anywhere close to that. Some countries will be faster some will be slower. Being slower isn't necessarily good for economies.

Good advice here is to take an economic point of view and be aware of things like growth trends, cost curves, learning effects, technological changes, etc. You don't have to be an early adopter or believer. But there's a lot of data out there that supports an optimistic view. And a lot of pessimistic wishful thinkers that are not really looking at data or just cherry picking reports that support their believes. The fossil fuel industry sponsors a lot of reports research. And they are about as trust worthy as the Tobacco industry is when it comes to the pros/cons of smoking. That's why the IEA and EIA keeps getting it wrong. It helps to understand who pays for their reports (hint: fossil fuel companies and countries that depend on those).

A healthy personal perspective is maybe considering what happens if your pension fund bets on fossil fuel and that cliff I mentioned turns out to be very real in about 10-20 years. Because if you bet wrong, that affects the value of that. Before you knee jerk to an answer, take a close look at what institutional investors have actually been doing for a while. Hint: coal plants were written off as good investments ages ago and gas plants aren't looking much better at this point. I think you'll see them move on oil funds next.

Your point about developing markets resonates for me in a different area. Instead of layering mobile phones on top of landlines, many developing markets went straight to mobile phones. Another thing to consider is that solar/wind is an incremental expansion of power capacity, versus the "big bang" expansion of nuclear capacity.

To your point about the fossil fuel cliff, I think it was either a Bloomberg or Forbes article that discussed how China's deep involvement in the EV/battery/solar/wind Expansion in dozens of countries around the world gives it a chance to put a serious dent in oil consumption as well as locking American interests out of developing markets.