GHG emissions could exceed record high levels by 2023, predicts IEA
Category: #energy-and-environment  By Pranali Mehta  Date: 2021-07-22
  • share
  • Twitter
  • Facebook
  • LinkedIn
GHG emissions could exceed record high levels by 2023, predicts IEA

The International Energy Agency has warned that global greenhouse gas emissions (GHG) could reach new highs in the coming years as governments have failed to "build back better" from the Covid19 outbreak.

According to the agency, emissions will increase this year and next year, following a dip last year, and 2023 could witness peak levels of carbon dioxide output in human history, equaling or exceeding the record set in 2018.

Sources claim that increasing at this rate would put the Paris climate agreement's goals unattainable, as experts have recently warned that emissions must be reduced to half in the coming years if global temperature rises are to be kept below 1.5 degrees Celsius, beyond which the repercussions of climate breakdown will damage vast swaths of the globe.

Fatih Birol, IEA’s executive director, said that rich countries must keep their promises to provide at least $100 billion each year in climate finance flows to developing countries for helping them reduce emissions and deal with the impacts of extreme weather. The commitment of $100 billion each year has been a major sticking point in the run-up to the Cop26 discussions.

As reported by a source, roughly a tenth of all recovery expenditure, or approximately $1.8 trillion, would positively impact the climate and environment. Furthermore, China, the world's largest emitter, has made renewable energy expenditures, but it continues to spend heavily on coal and high-CO2 infrastructure.

CO2 emissions had already risen substantially following a sharp drop last spring when governments throughout the world imposed a series of lockdowns. According to the International Energy Agency (IEA), the gold standard for emissions forecasting, emissions are on track to rise by the second major amount on record this year.

Reportedly, the rapid increase in emissions is due to governments' failure to invest in green energy as part of their efforts to reduce carbon emissions.

Source Credit - https://www.theguardian.com/environment/2021/jul/20/emissions-record-high-by-2023-if-green-recovery-fails-says-iea

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

KKR to acquire renewable energy firm ContourGlobal for £1.75Bn
KKR to acquire renewable energy firm ContourGlobal for £1.75Bn
By Pranali Mehta

ContourGlobal, a British power generation firm, has recently accepted a private equity takeover at a time when the demand for greener energy is increasing due to market turmoil caused by the Ukraine conflict. According to sources, the company has ...

Tata Power obtains a huge solar project from NHPC worth $223Mn
Tata Power obtains a huge solar project from NHPC worth $223Mn
By Pranali Mehta

Tata Power, an electric utility firm based in India, has recently obtained a solar project worth Rs 1,731 crore ($223 million) from NHPC (National Hydroelectric Power Corporation). According to sources close to the move, the wholly-owned division ...

Tamkeen enters strategic partnership with Bank of Bahrain & Kuwait
Tamkeen enters strategic partnership with Bank of Bahrain & Kuwait
By Pranali Mehta

Bahrain-based government agency, Tamkeen has recently inked a new strategic partnership agreement with the Bank of Bahrain and Kuwait (BBK) in a row with novel support programs. Incidentally, the agreement is an addition to the partnership agreeme...