Prime Minister Tony Abbott says coal is still the "foundation of prosperity" for "now and the foreseeable future", despite the premier climate research body warning fossil fuels must be phased out by the end of the century.

The UN's Intergovernmental Panel on Climate Change released its fifth and final report assembling the current state of scientific knowledge earlier this week and said use of renewable energy needs to almost triple from 30 per cent to 80 per cent of the world's energy supply.

Prime Minister Tony Abbott: "Coal is the foundation of the way we live because you can't have a modern lifestyle without energy, you can't have a modern economy without energy." Credit:Jessica Hromas

But Mr Abbott, whose government is negotiating with Labor to wind back Australia's compulsory renewable energy target, said burning coal would continue to be the "foundation of the world's energy needs".

Mr Abbott has previously declared coal "good for humanity" and on Tuesday did not appear to retreat from his comments.