Plastics, lubricants, and any other hydrocarbon derived products can be synthesized starting from carbon dioxide, water, and electricity. For example, the most common plastic monomers (ethylene and propylene) are readily synthesized from methanol via the so-called "methanol to olefins" process. Methanol itself has been synthesized commercially since the 1920s [1]. The methanol-to-olefins process is already commercialized in China [2], albeit with methanol derived from coal rather than from clean feedstocks.
The other 84% is just burned for energy. "Entirely" removing fossil fuels won't happen for a very long time if ever, but that's not a barrier to slashing CO2 emissions from fossil combustion.
The vast majority of fossil fuels are used as fuel, not for producing materials/chemicals. Only 16% of oil goes to petrochemical production: https://www.statista.com/statistics/307194/top-oil-consuming...
The other 84% is just burned for energy. "Entirely" removing fossil fuels won't happen for a very long time if ever, but that's not a barrier to slashing CO2 emissions from fossil combustion.
[1] https://en.wikipedia.org/wiki/Methanol#History
[2] https://www.chemengonline.com/methanol-to-olefins-plant-star...