NEWS

CO2 Emissions Record the Highest In 2023

01/03/2024

The IEA published an analysis last Friday presenting information on CO2 emissions in 2023. It was found that energy emissions hit the highest levels on record, with global energy emissions recording 37.4bn t of CO2.

The two biggest contributors are China and India’s coal burn, with the former experiencing the largest increase due to its flourishing economy post-pandemic.

Drought conditions and a decline in hydropower production have also played a role in increasing CO2 emissions.

In advanced economies, energy emissions fell by 4.5pc; US emissions decreased by 4.1pc and EU emissions by 9pc. Interestingly, the report highlighted that this decline is substantial as it coincides with a rise in GDP by 1.7pc.

Renewables and nuclear power generation accounted for half of the electricity generation in advanced economies, setting a new record in 2023. Meanwhile, coal generation decreased to 17pc, also reaching a new low.

The report highlighted that this emissions increase could have been much worse if not for the clean energy generation of solar, wind, and nuclear power, as well as the use of heat pumps and electric cars.