Warning: Global Carbon Dioxide Emissions may be The Second Largest Increase in History

The International Energy Agency (IEA) released the Global Energy Review report on Tuesday (April 20), it pointed out that in 2021, global energy-related carbon dioxide emissions are expected to surge by 1.5 billion tons, the second largest increase in history. Sales of most of the emissions reductions caused by the COVID-19 pandemic last year.

The report pointed out that this will be the largest annual increase in emissions since 2010, at the time of the carbon-intensive recovery triggered by the global financial crisis.

According to the latest national data from around the world, economic growth trends, and real-time analysis of the upcoming new energy plan, IEA Global Energy Review estimates that carbon dioxide emissions will increase by nearly 5% to 33 billion tons this year.

Coal demand is expected to be the main driving source. It is estimated to grow by 4.5% to exceed the level of 2019, close to the historical record set in 2014, and three-quarters of the increase is estimated to come from the power industry.

IEA executive director Fatih Birol said that driven by the recovery of coal consumption in the power industry, global carbon emissions are estimated to increase by 1.5 billion tons this year. He said that this would be a terrible warning sign that the economic recovery after the new crown crisis is almost unsustainable for the climate.

Birol pointed out that unless governments around the world take quick actions to reduce emissions, the planet may face a worse situation in 2022. He said that the climate leaders summit hosted by US President Joe Biden this week will be a critical moment for clear and immediate action before the 2021 UN Climate Change Conference.

Renewable energy is estimated to account for 30% of global power generation in 2021, the largest share since the creation of the industrial revolution, which is higher than nearly 27% in 2019. China is estimated to account for nearly half of the global increase in renewable energy power generation, followed by the United States, the European Union and India.

The IEA “Global Energy Review” estimates that more than 80% of the increase in coal demand this year will come from Asia, led by China. Coal consumption in the United States and the European Union is also expected to increase, but it will still be far below pre-crisis levels.

According to the “Financial Stability Report” issued by the Federal Standards Committee (FED) in November last year, the staff of the entire Federal Standards Committee system continue to study the relationship between climate risk and economic and financial risks, hoping to eventually find out the climate. Risks affect the transmission channels of the financial sector.