The Global Carbon Budget report revealed that global CO2 emissions are set to reach a record high in the year 2024, which includes those of burning fossil fuels. This would pull the planet further from reaching its climate targets, the report warned.

The Global Carbon Budget report about global CO2 emissions 

The Global Carbon Budget report was published during the climate summit held in Azerbaijan of the UN’s COP29. The report was scrutinised by more than 80 institutions and their experts, headed by the University of Exeter in the United Kingdom. 

The report unveiled that global CO2 emissions now total up to 41.6 billion metric tons in the running year, which has increased from 40.6 billion, the last year’s metric. 

A greater part of the emissions are from burning coal, oil and gas. The emissions would account for a total of 37.4 billion in 2024, which has grown by 0.8 per cent when compared to the levels of emissions in 2023, the report disclosed. 

Deforestation and forest fires, collectively known as the category of land use, are the second cause of record high global CO2 emissions based on the report’s revelations.   

A climate scientist at the University of Exeter said,

“We don’t see a sign of fossil fuel emissions peaking in 2024”.

He explained that we would just surpass the set targets of global CO2 emissions if the same pace of immediate and steep emissions remains persistent.

The role of 2015 Paris Agreement

Several countries agreed to the terms of the 2015 Paris Agreement which aimed to prevent higher global temperature from each member country. The members were bound to avoid their rising temperatures going above 1.5 degrees Celsius, which is 2.7 degrees Fahrenheit.

The target was set to inhibit the world impacts of climate change for each region. However, with the latest Global Carbon Budget report, stricter measures need to be taken.

It is predicted that steep emissions cuts every year need to be stringent from now on, till the year 2030 at least, and beyond.  

Detailed analysis of the emissions

The report elaborated that fossil fuel emissions have climbed higher in the past ten years. On the other hand, land use emissions have declined in the same decade. 

The situation was the same until this year when Amazon witnessed forest fires that drove the annual land use emissions by 13.5 per cent higher, rising to 4.2 billion tons. 

Some climate scientists believe that it is hard to meet the targets of 1.5°C in actuality with such slow progress. 

Although some countries showed data related to expanding renewable energy and electric cars, the evidence is not enough to be content that climate targets are met at a satisfactory pace and that global CO2 emissions are under control. 

The overall progress remained uneven. It means that rich industrialised states made progress in diminishing carbon emissions while emerging and underdeveloped countries lagged behind.

Country-wise analysis of the emissions 

The world’s greatest oil and gas producer and even the number one consumer, the United States, showed the lowest decrease in emissions this year, which was 0.6 per cent. The highest fall in emissions was seen from the European Union countries, which was 3.8 per cent. 

India’s emissions were even higher, rising by 4.6 per cent this year. It was due to their increasing need for power coming from soaring economic growth. 

China, despite being the greatest emitter and second-largest oil consumer, showed the lowest carbon emission rate, which was 0.2 per cent this year. The experts of the report said that China’s emissions from oil are most likely to peak due to a gain in market share of electric vehicles.

Carbon emissions from air and water travel are also foreseen to rise and are likely to jump by 7.8 per cent this year. It is due to the recovery of international aviation and aviation from the travelling drop that was observed during the pandemic.   

Tensions in COP29 summit 

Tensions were observed among nations at the COP29 summit yesterday about who would lead the world’s transition away from the reliance on fossil fuels. Fossil fuels make up 80 per cent of the total global CO2 emissions. 

The host of COP29, Azerbaijan’s President Ilham Aliyev blamed the Western countries who appear to be the greatest advocates of lowering carbon emissions while still remaining to be the major consumers and producers of fossil fuels.

Views of other leaders at the summit

Italy

The Italian Prime Minister, Giorgia Meloni explained that every country has an equal responsibility to make efforts to reduce greenhouse gas emissions. It has to be taken seriously so that people put it as a core accountability and consider sustainability as the top priority of production and social systems. 

She was of the view that a non-pragmatic and intensely ideological approach might prove fatal for the said purpose since the nature of man’s survival must be protected in its entirety.   

She said,

“We know that we may not personally benefit from the results of the efforts that we are making (at COP29). But this is not important”.

She stressed the importance of the issue since she told she is a mother herself. And nothing would make her happier than working for policies that would ensure a clean environment and planet where her kids could live.  

Greece

The Prime Minister of Greece, Kyriakos Mitsotakis stated that Europe being the global leader is in the green transition. However, it is still important to look for more resources that are necessary for tackling the impact of rare climate shocks.  

He said,

“We cannot focus so much on 2050 that we forget 2024”. 

He realised that more resources are still needed to create a proper response to climate change, and for that, the pledging of the world’s largest economies to net-zero carbon emissions by 2050 would not be enough. 

He believed that more resources would serve a purpose for saving lives and livelihoods of millions of people and for rebuilding communities after a climate disaster.

With that having said, Mr Mitsotakis was happy that Europe had diminished its share of global emissions and must continue doing it with a guarantee that it would not hurt its economy.  

FAQs

Q1: What is the Global Carbon Budget Report?

• The Global Carbon Budget Report is an annual assessment by a coalition of over 80 institutions, led by the University of Exeter in the United Kingdom. It monitors global CO2 emissions, providing insights into fossil fuel emissions, land use emissions, and overall contributions to climate change. The 2024 report, published during COP29, revealed that global CO2 emissions are set to reach a record high of 41.6 billion metric tons.

Q2: What are the main sources of global CO2 emissions?

• The primary sources of global CO2 emissions are fossil fuel combustion (from coal, oil, and gas), which accounts for the majority of emissions at 37.4 billion metric tons in 2024. Deforestation and forest fires, categorized as “land use” emissions, are the second-largest contributors.

Q3: Why are record-high CO2 emissions concerning for climate goals?

• High CO2 emissions move the world further from achieving climate goals set by the 2015 Paris Agreement, which aims to keep global temperature rise below 1.5°C above pre-industrial levels. Persistent high emissions increase the risk of severe climate impacts, including extreme weather events, sea level rise, and ecological disruptions.

Q4: What did the report say about country-specific emissions?

• The report showed varied emissions trends among countries. The U.S. saw a modest decline of 0.6%, while the European Union had a larger decrease of 3.8%. In contrast, India’s emissions rose by 4.6% due to economic growth, and China, the largest global emitter, had a minimal increase of 0.2%, attributed partly to the adoption of electric vehicles.

Q5: What role does the 2015 Paris Agreement play in global emissions goals?

• The Paris Agreement is a global pact signed by nearly all countries, aiming to prevent dangerous climate change by limiting global warming to below 1.5°C. Signatory nations commit to reducing greenhouse gas emissions and adapting to climate impacts. Despite these efforts, the latest report indicates that global actions may need to be strengthened to meet these targets.