HomeCarbon NewsCarbon Emissions Increase for World’s Wealthiest Nations

Carbon Emissions Increase for World’s Wealthiest Nations

During the pandemic, carbon emissions dropped nearly 6%. However, according to the latest Climate Transparency Report, carbon levels are on the rise again.

The biggest offenders? The G20 – who are responsible for 75% of emissions worldwide.

The report found that carbon emissions are on track to rise 4% across the world’s wealthiest nations by the end of this year.

The report’s authors blame the increase in emission levels due to fossil fuels. Gas usage has been up by 12% since 2015, and coal use is projected to rise by 5% this year too.

Emissions levels have increased to the point that China, India, and Argentina are on track to top their 2019 emissions levels. It is important to note that China is responsible for 60% of the increase. However, coal increases are taking place across the US and India as well.

Most G20 members didn’t use pandemic recovery packages to promote climate initiatives. For example, out of the US $1.8 trillion package, only $300 billion went into “green” programs.

What is being done to combat carbon emissions?

Though carbon emissions are increasing, the report did have some positive news.

Renewables are now 12% of power, compared to 10% in 2020. Plus, all G20 members have new 2030 carbon plans to present during the COP26 summit at the end of the month. Most G20 countries now acknowledge the need to reach net-zero targets by 2050.

Though these moves are a step in the right direction, leaders must put stringent policies into place. Investing in technology and carbon markets, which have grown exponentially, are both ways to fight climate change. Experts expect the global carbon market to be valued at $22T by 2050.

If this report highlights anything, it is that more needs to be done – especially from the G20. As US President John F. Kennedy once said, “For those to whom much is given, much is required.”

Most Popular
LATEST CARBON NEWS

Canada’s $5 Billion Carbon Pricing Revenue Sparks Debate

Canada's federal carbon pricing policy is a pivotal component of the nation's efforts to combat climate change. The Parliamentary Budget Officer’s latest estimates show...

The Implications of Technology-Neutral Tax Credits in U.S. Power Sector

Clean energy projects completed after 2024 in the U.S. could access innovative, technology-neutral tax credits under the Inflation Reduction Act (IRA). These credits, similar...

India Revises Its Carbon Credit Trading Scheme for Voluntary Players

India made a bold move in 2024 by revamping its Carbon Credit Trading Scheme (CCTS), allowing non-obligated entities to participate in the tradable carbon...

Lululemon and Samsara Eco Reveal World’s First Recycled Textile Using Enzymes

Australian environmental technology startup Samsara Eco, in collaboration with athletic apparel giant Lululemon, has unveiled the world's first enzymatically recycled nylon 6,6 product. Their...
CARBON INVESTOR EDUCATION

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...