Tuesday 20 April 2021

Rate Rises

The International Energy Agency (IEA) is predicting that carbon dioxide emissions will show their 2nd biggest annual rise in 2021 (https://www.theguardian.com/environment/2021/apr/20/carbon-emissions-to-soar-in-2021-by-second-highest-rate-in-history). The IEA suggest that global economies will 'pour stimulus cash' into hydrocarbons to boost recoveries from their pandemic-induced recessions. They are concerned that, in both Asia and the US, more coal (the dirtiest of fuels) will be burned for electricity generation. Air travel (a major emitter of 'greenhouse gases') will also be returning to pre-Pandemic levels. Annual rises don't, however, tell the whole story. The biggest annual rise (6%) occurred in 2010, as the world 'recovered' from the financial crisis. The Covid-19 pandemic, actually produced a 7% decline in carbon dioxide emissions in 2020. So, the 2021 annual emissions figure is going to look as if a particularly large rise has occurred (it starts from an artificially low baseline). This is, however, no reason for complacency. The IEA note that a 45% reduction in 'greenhouse gases' emissions is needed in the current decade. This has to be achieved, if we are to get anywhere near to limiting global heating to 1.5 degrees Centigrade. It's just a pity that global economies appear fixated on rapid rebounds. Building on the 2010 7% decline, might have made achieving an overall 45% reduction in the decade, easier?

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