Regarding the "will we have to make reductions" or not comments at the end of the previous thread.
What happens, economically when there is a scarcity of a product. What happened when whale blubber was made illegal back in the late 80's. You had a few rogue nations that violated this agreement / pact and continued to hunt whales for awhile.
What did others do? Well, the products that were made with whale blubber, soap, certain oils, hair conditioner, makeup products, et cetera. Well, what happened to these products? Did they cease to exist?
No they did not, rather they increased in cost for a short time. That increased cost meant that alternative sources were encouraged to be developed. Those places use either a petroleum based oil, vegetable oil. I remember a big selling point for JoJoba oil at the time. Jojoba oil is closer to a liquid wax than an oil and is made from the seeds of a particular shrub / plant found in the California / Mexico desert environment.
The same thing is happening now and will happen in the future. What we really are trying to do now is develop those alternatives so that the transition will be possible.
For power, we're already there. Nuclear, hydro, solar, wind and such cold (with the proper incentives) completely replace fossil fuels in the production of electricity. We just don't actually want to do this currently. But, if there were a scarcity of oil and gas, then we'd transition pretty fast.... however long it takes to build more nuclear plants.
For cars, planes, boats and other transportation, we're really not all that close. We're certainly getting more efficient. Hybrid technologies, electric vehicles, biodiesel, and such.
Honestly, when you look at how much food and such just rots in a dump I gotta think that (if there were genuine scarcity) we'd be able to recycle a lot of this waste into biodiesels. Or, maybe use it to ferment alcohol that we could use to power some transportation.
That being said, you can't really beat jet fuel for energy storage per kilogram. So, I don't really see jet planes moving off of fossil fuels anytime in the next few decades. Maybe we'll have to use a manufactured hydrogen or such like we do for rockets. But, that's got its own pretty severe drawbacks (i.e.... boom!).