Monday, July 15, 2024
HomeBusinessIn 2021, carbon emissions overgrew in rich countries.

In 2021, carbon emissions overgrew in rich countries.

Across the world’s 20 wealthiest nations, carbon emissions have rebounded strongly and are increasing in 2021.

G20 members’ Carbon dioxide emissions will increase by 4% this year, following a drop of 6% in 2020 caused by the pandemic. Argentine, China, and India will exceed their emissions targets for 2019.

According to the authors, even though hard work reduces temperatures, fossil fuels are still used in 2021.

The COP26 climate conference in Glasgow is just two weeks away; negotiators will have a challenging task to complete.

Meeting the 1.5C temperature threshold is one of the gathering’s key objectives.

Climate TRACE to track real-time global carbon emissions » Yale Climate  ConnectionsChina has experienced flooding across much of 2021

In a world around 1.1C warmer today than pre-industrial times, future incremental warming poses a monumental challenge.

Glasgow will have to adopt ambitious policies if it is to succeed on this question.

New research shows it is not happening fast enough.

In response to Covid-19, the G20 group was responsible for about 75% of global emissions last year, which decreased significantly.

However, coal has played a significant role in this year’s rebound.

In 2021, coal use throughout the G20 will rise by 5%, according to a report compiled by 16 research institutes and environmental organizations.

China is mainly responsible for the increase, but increases in coal production in India and the US are also occurring.

With the global economy recovering, China’s use of coal has risen as demand for energy has increased.

Projected growth in CO2 emissions driven by countries outside the OECD -  Today in Energy - U.S. Energy Information Administration (EIA)

In the past year, coal prices have increased nearly 200%.

In recent months, coal-fired power plants have become uneconomical to generate electricity, resulting in power cuts.

Chinese officials this week announced a change in policy allowing power plants to charge market rates for their energy, which is expected to lead to an increase in coal utilization this year.

According to the Climate Transparency Report, gas consumption is up by 12% across the G20 for 2015-2020.

Green groups protested the slow pace of climate progress during the G20 meeting in Italy in July. 

The financial commitments made by rich countries don’t support the political promises regarding green recovery from Covid.

Just $300 billion will be allocated to green projects from the $1.8tn allocated for recovery spending.

For perspective, that figure is close to the $298bn spent by countries in the G20 on fossil fuel subsidies from August 2021 through August 2022.

Turning wheels

Additionally, the report notes some positive developments, such as the growth of renewable energy across the G20 countries and the installation of record quantities of solar and wind energy capacity last year.

About 12% of power will come from renewable sources by 2020, up from 10% now.

Furthermore, G20 groups also have progressed significantly as the majority have recognized that a net-zero climate policy is needed around the middle of this century.

Indonesia will present a new 2030 carbon plan to the group before the Glasgow conference.

Recently, Indonesia has seen a spike in emissions due to deforestation.

Greenhouse gas emissions by China - Wikipedia

Chinese, Indian, Australian, and Saudi Arabia have not, however.

“We cannot move the dial without the G20 governments, and the numbers in this report confirm that this is just not possible without their cooperation. The ball is firmly in their court ahead of COP26,” Kim Coetzee, managing partner at Climate Analytics.

Highlights of the report

  • China accounts for 61% of the growth in coal consumption in 2021, the USA accounts for 18%, and India accounts for 17%.
  • US and Australian building emissions per capita are the highest in the G20 (average is 1.4 tCO2/capita), reflecting large amounts of fossil fuels, especially natural gas and oil, used in heating.
  • In 2018, nearly 500,000 fatalities and $3.5 trillion in economic damages worldwide were due to climate change, with Germany, China, India, Japan, and the US the hardest-hit nations.
  • Electric vehicles are still a small share of new car sales, with the current average being 3.2% (excluding the EU), with the highest percentages found in Germany, France, and the UK.

Indian and Chinese national plans are expected to be submitted before the Glasgow meeting, which could help keep the 1.5C target in focus.

As we approach COP26, the G20 group will meet in Rome, and the UK’s climate minister has been urging these countries to redouble their efforts.

Alok Sharma has said that leaders are the ones who made a promise to the world six years ago, and it is leaders who must keep this promise.

Providing a climate-friendly environment is every country’s responsibility, and we all need to play our part.

Article Proof Read & Edited By Shreedatri Banerjee



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