Posted on 17 Sep 2024
Morning Brief: According to the Statistical Review of World Energy 2024 published by the Energy Institute, global greenhouse gas emissions from the energy sector reached a record high in 2023, exceeding 40 GtCO2e (gigatonnes CO2 equivalent) for the very first time in history. Forty gigatonnes is 40,000 million tonnes (mnt) of CO2 emissions from the combustion of fossil fuels such as oil, coal and natural gas, which is by far the largest source of energy-related greenhouse gas emissions contributing around 87% of the total.
Last year saw a second consecutive record year for global primary energy consumption, as it grew by 2%, reaching 620 exajoules (EJ). More than 81% of the world's total primary energy consumption was met through oil, coal and natural gas. The share of renewable energy was around 8% of the total, while hydroelectric constituted only a little more than 6%.
Countries with highest CO2 emissions
In 2023, China accounted for almost one-third (31%) of the world's total carbon dioxide emissions from energy production at 12.6 billion tonnes (bnt)-more than the total emissions of the entire Western Hemisphere and Europe combined.
China's large population and its continued dependence on coal and oil are the primary factors behind its high emission levels. While the country is investing heavily in renewable energy capacity, it still witnessed a 6% increase in energy-related CO2 emissions compared with 2022. China's total emissions increased to around 12.6 GtCO2e, or over 12,600 mnt.
The US and India were the other leading countries in terms of energy-related CO2 emissions of 5.1 GtCO2e and 3.12 GtCO2e respectively. The top three CO2-emitting countries in 2023 had a share of 51.6% of total global emissions.
Notably, the Asia Pacific region (mainly China and India) constitute over 52% of global emissions from the energy sector at around 21 GtCO2e, with North America and Europe accounting for over 10 GtCO2e.
Reliance on coal
Data shows that the overdependence on coal of key Asian countries accounts for higher emissions (and continued increase in emissions) from the energy sector in these countries. For instance, China and India account for 70% of the world's primary consumption of coal which is 164 EJ. Primary coal consumption for energy in China and India together stood at over 113 EJ in 2023.
China's consumption of renewable energy increased by a staggering 20% y-o-y to 16.13 EJ in 2023. For perspective, this is not much lower than 21.85 EJ-the renewable energy consumption of North America and Europe combined, both advanced economies with high levels of clean energy penetration and capital infusion into the development of non-fossil energy sources.
Still China is the top CO2 emitter in the world as it relies on coal to meet 54% of its primary energy requirement.
On the other hand, India is investing heavily in its coal production, announcing plans to double production to 1.57 bnt by 2030. Coal accounted for 56% of the country's primary energy consumption in in 2023. The International Energy Agency (IEA) forecasts that India's share of global carbon emissions will rise to 10% by 2030 from less than 8% currently.
Source:BigMint
