CO2 emissions will be at an alarming level in 2023 and will not improve

CO2 emissions will be at an alarming level in 2023 and will not improve

Global emissions of CO2, the main source of global warming, are expected to reach an unprecedented level by 2023 and continue to rise after that, given that a very small portion of the Covid-19 economic recovery plans are devoted to renewable energy. is. , reported the International Energy Agency (IEA) on Tuesday (20).

States released unprecedented amounts to combat the pandemic. Although only 2% of these resources are being applied, so far, in the energy transition, the IEA has been calculated, following an analysis of recovery plans and their energy impact.

At this stage, most of the US$16 trillion announced is expected to go to health care spending and emergency aid for businesses and families. About $2,300 billion was devoted to economic recovery, including $380 billion related to “sustainable” energy projects.

Result: “Given current estimates of public spending, CO2 emissions are expected to reach record levels in 2023 and increase in the following years”, predicts the report.

Fateh Birol, director of the IEA, said, “Since the start of the COVID-19 crisis, many governments have highlighted how important it is to rebuild better for a healthier future, but many still have to do what they do. They say.”

“O [pouco] Investing in clean energy not only took the world off the path of carbon neutrality in the middle of the century, but it also didn’t stop a new emissions record.”

lack of public and private funds

As calculated by the IEA and IMF in mid-2020, an additional US$1,000 billion per year will make it possible to support both green investments, and economic recovery over three years (in energy efficiency, electrification, networks, etc.). and the creation of “9 million jobs” in compliance with the Paris Agreement.

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The measures taken so far are expected to result in $350 billion in additional annual investments from 2021 to 2023: better than before COVID-19, but not enough.

This trend is particularly alarming in developing and emerging countries, where greater electricity demand is answered by coal rather than solar or wind power. According to the report, these sectors would account for less than 20% of the investment required for their decarbonisation, anticipating a “growing gap” between rich and poor countries.

Thus, “many countries are also missing out on opportunities for clean energy development: growth, jobs, the implementation of industries of the future”, regrets Fatih Birol, who takes the opportunity to miss the commitment of the countries of the North to the South. is.

At COP21 in Paris in 2015, developed countries pledged to provide at least $100 billion annually, a minimum amount, and a ten-year commitment in climate finance.

Sustainable Recovery Tracker

With the COVID-19 crisis, the IEA wants to help governments measure the impact of their actions, with this recovery plan monitoring tool (“Sustainable Recovery Tracker”). The updated report was released on the eve of the G20 environment and energy ministers meeting, which will take place in Naples, Italy, from 22 to 23 July.

More than 800 measurements were screened in 50 countries, which can be viewed on the agency’s website. Headquartered in Paris, the IEA was created by the Organization for Economic Co-operation and Development (OECD) in 1974 to ensure global energy security and advise prosperous countries.

In May, the institution, which monitors greenhouse gas emissions (that is, the majority of total emissions) from energy, impressed the world by publishing its report on global carbon neutrality by 2050. Final conclusion, all new fossil fuel exploration projects (oil, gas, coal) should be abandoned.

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A road “narrow but still possible if we act now”, concludes Fatih Birol.

*With information from AFP

About the author: Muhammad Wayne

Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

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