Global CO2 emissions to hit record high in 2024, report says
Emissions from fossil fuels to rise nearly 1% to 37.4 bln T
Severe wildfires fuel 13.5% surge in land-use emissions
Emissions decrease in rich nations, rise in emerging economies
Without urgent action, global climate goals out of reach
By Kate Abnett
BAKU, Nov 13 (Reuters) -Global carbon dioxide emissions, including those from burning fossil fuels,are set to hit a record high this year, pulling the world further off course from averting more destructive climate extremes, scientists said on Wednesday.
The Global Carbon Budget report, published during the U.N.'s COP29 climate summit in Azerbaijan, said global CO2 emissions are set to total 41.6 billion metric tons in 2024, up from 40.6 billion tons last year.
The bulk of these emissions are from burning coal, oil and gas. Those emissions would total 37.4 billion tons in 2024, up by 0.8% in 2023, the report said.
The rest are from land use, a category that includes deforestation and forest fires.The report by more than 80 institutions was led by the University of Exeter in Britain.
"We don't see a sign of fossil fuel emissions peaking in 2024," said lead author Pierre Friedlingstein, a climate scientist at the University of Exeter.
Without immediate and steep emissions cuts worldwide, "we will just go straight into the 1.5C target, we'll just pass it and continue," he said.
Countries agreed under the 2015 Paris Agreement to try to stop global temperatures rising more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) to avoid climate change's worst impacts.
This would require steepemissions cuts every year from now until 2030 and beyond.
Instead, fossil fuel emissions have climbed over the last decade. Land use emissions had declined in this period - until this year, when a severe drought in the Amazon caused forest fires, driving up annual land use emissions by 13.5% to 4.2 billion tons.
Some scientists have said such slow progress means the 1.5C aim can no longer realistically be met.
This year's emissions data showed evidence of somecountries rapidly expanding renewable energy and electric cars, the authors said.
Progress, however, was sharply uneven - with rich industrialised nations' emissions decreasing, and emerging economies' emissions still rising.
Tensions between nations erupted on Tuesday at COP29 over who should leadthe world's transition away from fossil fuels - which produce around 80% of global energy.
COP29 host Azerbaijan's President Ilham Aliyev accused Western countries of hypocrisy for lecturing others while still being major consumers and producers of fossil fuels.
Emissions in the U.S., the world's top oil and gas producer and consumer, are expected to decrease by 0.6% this year, while European Union emissions are set to fall by 3.8%.
Meanwhile, India's emissions will rise by 4.6% this year, driven by soaring power demand fuelled by economic growth.
Emissions in China, today the world's biggest emitter and second-largest oil consumer, are set to marginally increase by 0.2%. The authors said China's emissions from oil use have likely peaked, as electric vehicles gain market share.
Emissions from international aviation and shipping are also expected to jump by 7.8% this year, as air travel continues to recover from a drop in demand during the COVID-19 pandemic.
What is the latest science on climate change? https://www.reuters.com/sustainability/climate-energy/cop29-what-is-latest-science-climate-change-2024-11-12/
Reporting by Kate Abnett
Editing by Marguerita Choy
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
