In a recent report, the IEA emphasized the urgent need for substantial reductions in CO2 emissions, primarily stemming from fossil fuel combustion, to align with the objectives outlined in the Paris Agreement and avert catastrophic climate change.
Despite the imperative to swiftly decrease emissions to meet global climate targets, the IEA noted that CO2 emissions hit a new peak instead of declining significantly. Energy-related emissions escalated by 410 million tonnes, representing a 1.1% increase to reach 37.4 billion tonnes in 2023, as per the IEA’s analysis.
While the expansion of clean technologies such as wind, solar power, and electric vehicles helped temper emissions growth (which was at 1.3% in 2022), factors like China’s economic resurgence, heightened fossil fuel usage in regions with limited hydropower capacity, and a rebound in the aviation industry collectively contributed to the overall rise in emissions.
The report highlighted that approximately 40% of the emissions surge, equivalent to 170 million tonnes of CO2, resulted from efforts to substitute lost hydropower generation due to severe droughts.
Notably, energy-related emissions in the United States saw a notable decline of 4.1%, primarily driven by reductions in the electricity sector. Conversely, the European Union reported a nearly 9% decrease in energy-related emissions, propelled by a substantial increase in renewable energy generation and a decline in both coal and gas power production.
In China, energy-related emissions surged by 5.2% as the country witnessed a surge in energy demand post-COVID-19 lockdowns. Despite this increase, China played a significant role in global advancements in solar and wind power installations, as well as electric vehicles, contributing around 60% of new additions in these sectors in 2023.
The global electric vehicle market experienced significant growth, with electric vehicles accounting for one-fifth of new car sales in 2023, totaling 14 million units and marking a 35% increase from 2022 levels.