🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Global CO2 emissions to rise again, climate goals at risk, scientists say

Published 11/11/2022, 11:18 am
Updated 11/11/2022, 09:54 pm
© Reuters. FILE PHOTO: A woman takes a selfie in front of a wall lit with the sign of COP27, as the COP27 climate summit takes place, at the Green Zone in Sharm el-Sheikh, Egypt November 10, 2022. REUTERS/Mohamed Abd El Ghany/File Photo
CO2
-

By Kate Abnett

SHARM EL SHEIKH, Egypt (Reuters) - Global carbon dioxide emissions from burning fossil fuels are on track to rise around 1% this year, scientists said on Friday, warning this would make it harder for the world to avoid disastrous levels of climate change.

Released during the United Nations COP27 climate summit, the Global Carbon Budget report laid bare the gap between the promises governments, companies and investors have made to cut planet-warming emissions in future years, and their actions today - which cause emissions to keep rising.

Countries are expected to emit a total 41 billion tonnes of CO2 in 2022, said the report by more than 100 scientists, with 37 billion tonnes from burning fossil fuels and 4 billion tonnes from uses of land like deforestation.

This year's increase was driven by higher oil use in transport - particularly aviation - as economies continued to reopen from lockdowns during the COVID-19 pandemic.

Emissions from burning coal increased, as countries have turned to the most-polluting fossil fuel after Russia restricted natural gas supplies to Europe after its February invasion of Ukraine, which sent global gas prices soaring.

CO2 output from China, the world's biggest polluter, fell by 0.9% as COVID-19 lockdowns persisted. European emissions also decreased slightly.

Emissions rose by 1.5% in the United States and jumped by 6% in India, the world's second and fourth-biggest emitters, respectively.

The U.N. climate science panel has said global greenhouse gases must decrease 43% by 2030 to limit global warming to 1.5C and avoid its most severe impacts.

The COVID-19 pandemic caused a record drop in global CO2 emissions in 2020, but emissions are now back up to slightly above pre-COVID-19 levels.

© Reuters. FILE PHOTO: A woman takes a selfie in front of a wall lit with the sign of COP27, as the COP27 climate summit takes place, at the Green Zone in Sharm el-Sheikh, Egypt November 10, 2022. REUTERS/Mohamed Abd El Ghany/File Photo

It is difficult to predict emissions in coming years due to uncertainties around countries' longer-term response to the pandemic and Russian gas crunch, for example, whether they keep burning coal, or instead invest heavily in clean energy.

"It's complicated," said the report's lead author Pierre Friedlingstein, climate scientist at the University of Exeter. "We can't say for sure yet that emissions from China are declining in the long run... the return to use of coal in Europe, let's hope it's temporary."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.