In terms of fossil fuel for heat or transportation the decline is in process. EV for light vehicles and semi trucks has already proven to have a lower cost of ownership. In use cases where more then 50% of fossil fuel the lower cost decision is EV . That demand for fissile fuel will fall by 50%. Maybe within 10 years. The pace depends on production ramp of EVs and pace of battery improvements. The latter appears to be picking up pace.
So what does that do for oil companies seeking to optimize their profits?
They will milk the market (increase price) and reduce investment. The article account for increasing lower returns due to production issues but does not account for business strategy in the face of declining demand.
Of course technology for steel and cement production needs to evolve. For example 3D printing of both can produce more efficient (less needed) designs. Process improvements are possible, alternatives like carbon fiber are perhaps lower CO2.
As to agriculture, will hydroponics reduce the use of ammonia?
We may end up with a climate where human misery jumps and life expectancy falls. My only point is there are more forces at play and eco systems for supporting human needs is a work in process.