Report: Carbon Dioxide Emissions Hit Record High in 2022
An International Energy Agency (IEA) report released on Thursday said global energy-related emissions of carbon dioxide rose by 0.9% in 2022 to a record 36.8B tons....
- An International Energy Agency (IEA) report released on Thursday said global energy-related emissions of carbon dioxide rose by 0.9% in 2022 to a record 36.8B tons.1
- Carbon dioxide is produced by burning fossil fuels — oil, coal, or natural gas — to power vehicles, homes, and factories, and is a greenhouse gas.2
- Emissions from coal grew 1.6% as a result of a global switch to coal in the face of the high price of natural gas since Russia invaded Ukraine. A 2.5% increase in emissions from burning oil was largely caused by an increase in airline travel in 2022, with the aviation sector being responsible for about 50% of the oil burned.3
- Extreme weather, including droughts and heat waves, also reportedly increased the demand for electricity and lessened the reliability of hydropower, thus increasing the demand for fossil fuels.3
- Renewables accounted for 90% of the global growth in electricity supply, which reportedly prevented emissions from spiking further.4
- This IEA report was released weeks after most of the major fossil fuel-producing companies — including Chevron, Exxon Mobil, and Shell — reported record profits.1
Sources: 1Reuters, 2Daily Mail, 3NBC and 4Business Insider.
- Narrative A, as provided by Time. Fossil fuel consumption has put the world on the road to ruin, and there’s no sign of it stopping. China and Europe slowed their industrial production last year, but if they resume at previous levels, there will be even more carbon emitted and less chance of saving the planet. This report is a very serious development.
- Narrative B, as provided by Wall street journal. For all those predicting doom for the world, this report shows that market forces are pushing renewable-energy sources to the fore, and they prevented a larger increase in carbon emissions than what occurred. As it turns out, as fossil fuels have increased in price, renewables have become a popular alternative. Natural market forces are working well when it comes to carbon dioxide emissions and the energy sector.