Considering just how cheap renewable energy can be, even poor efficiency might not matter. If you have process that can be scaled by supply of cheap electric power, it could work even if there is inefficiencies in process and in use.
Fossil fuels are literally dead animals pressurized by Earth... all that energy went into the fuel. Planets work on massively larger scales of energy than human society right now and we're using stored energy created by planets to fly.
By mass, fossil fuels are mostly from plants, algae, and bacteria rather than animals.