Global carbon emissions reached historic levels in 2021, offsetting a decline from the previous year caused by the pandemic, according to a new report from the International Energy Agency (IEA).
An IEA analysis showed that the 6% increase in CO2 emissions was largely due to a sharp increase in coal use, driven in part by record high natural gas prices.
The report, which does not include the impact of rising energy prices triggered by the Russian invasion of Ukraine, highlights the delicate balance that the global economy must now face in order to resolve the global supply shortage, while insisting that investment in renewable energy remain on track. one level. with broader climate ambitions.
Oil prices climbed to nearly a 14-year high this week after the US and UK announced a ban on imports of Russian oil and gas. The European Union, which gets about 45% of its natural gas needs from Russia, said it would cut imports by two-thirds by the end of the year.
“There are many directions [where] we can take steps that can help cut Russian oil and gas, but at the same time bring us closer to our climate course,” said Fatih Birol, IEA executive director, in an interview with the Financial Times.
The spike in 2021 comes after coronavirus-related restrictions led to the biggest annual drop in CO2 emissions in 2020, with a 6% drop. This has led to calls for governments to put sustainability at the center of their economic recovery.
But rising energy prices, fueled by a surge in post-pandemic demand, have complicated those ambitions.
Coal accounted for more than 40% of the growth in CO2 emissions, largely because the cost of operating coal-fired plants was “significantly lower” than gas-fired plants for most of 2021.
“The switch from gas to coal increased global CO2 emissions from electricity generation by more than 100 million tons, especially in the United States and Europe, where competition between gas and coal-fired power plants is fiercest,” the report said.
The story goes on
China led all countries in the growth of CO2 emissions, helped by a sharp increase in demand for electricity, which was heavily dependent on coal-fired power. Demand for electricity in China grew by 10% in 2021, the largest increase in Chinese history.
The sobering report comes just months after world leaders gathered in Glasgow to reaffirm their commitment to cutting emissions to meet the Paris climate goal of limiting global warming to 1.5 degrees Celsius by mid-century. While the pact did not call for a complete phase-out of coal, it did call for a “phasing out” under pressure from India and China.
The IEA said that even with the recovery of fossil fuel use, clean energy’s market share continues to increase. The report says that the share of renewable energy and nuclear power in world electricity production is higher than the share of coal. Renewable energy generation reached record levels, while wind and solar power generation also increased.
Akiko Fujita is a presenter and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita
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