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					</table><p>India’s weakened monsoon spell, coupled with the country’s strong GDP growth, added nearly 190 million tons (MT) of CO2 to global emissions, according to a report by the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>The country experienced warm and dry conditions in 2023, which were a consequence of the consistent occurrence of El Nino and its Indian Ocean counterpart &#8212; Indian Ocean Dipole &#8211;in the second half of 2023.</p>
<p>The country also experienced the driest August due to a reduction in monsoon showers, which <a href="https://www.mercomindia.com/dry-august-sparks-demand-across-india" target="_blank" rel="noopener">increased</a> electricity demand and reduced hydropower generation. This contributed to nearly one-fourth of the total emissions in 2023.</p>
<p>Despite this, the country’s per capita emissions fell below the global average.</p>
<p>The report attributed the rise in emissions to the energy-intensive economic growth that the country has embarked on in the post-pandemic years. While India achieved energy intensity improvements of around 2.8% annually, it experienced a slowdown in these improvements after the pandemic.</p>
<p>This, coupled with unfavorable weather conditions, pushed emissions.</p>
<p><strong>Global emissions </strong></p>
<p>The world’s carbon emissions from energy-related activities grew by 1.1% or 410 MT in 2023 to 37.4 billion tons (GT), with coal accounting for over 65% of this increase.</p>
<p>Between 2019 and 2023, total energy-related emissions increased around 900 MT. Without the growing deployment of five key clean energy technologies since 2019 &#8211; solar PV, wind, nuclear, heat pumps, and electric cars &#8211; the growth of emissions would have been three times larger.</p>
<p>Thanks to growing clean energy deployment, emissions are seeing a structural slowdown. In the decade to 2023, global emissions grew slightly more than 0.5% per year, the slowest rate since the Great Depression, the report said.</p>
<p>In 2022, global energy-related carbon dioxide emissions <a href="https://www.mercomindia.com/clean-energy-growth-co2-emissions-in-2022-iea" target="_blank" rel="noopener">rose</a> by under 1%, which was lower than initially expected, the IEA had said.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-64013 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z.jpeg" alt="Global Emissions 2023" width="1709" height="1259" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z.jpeg 1709w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-300x221.jpeg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-768x566.jpeg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-1536x1132.jpeg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-650x479.jpeg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-624x460.jpeg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Skype_Picture_2024_03_05T05_39_20_671Z-600x442.jpeg 600w" sizes="(max-width: 1709px) 100vw, 1709px" /></p>
<p><strong>China Largest Contributor</strong></p>
<p>China was the largest contributor to CO2 emissions, as the country alone accounted for 565 MT in 2023. This was due to the country’s emissions-intensive economic growth in the post-pandemic period. However, the report also found that China continued to dominate the global clean energy additions.</p>
<p>The hydropower generation affected by droughts increased the emissions from global electricity by 170 MT. China’s hydropower generation fell by 4.9%, which was the worst decline in the last two decades. This accounted for nearly two-thirds of the global reduction in hydropower generation last year.</p>
<p>Significant drought conditions in North America and a year of below-average rainfall between 2022 and 2023 in China accentuated the renewable energy deficit.</p>
<p>Further, emissions from advanced economies were lower than they were 50  years ago and fell by 4.5% in 2023. This is due to the countries’ emissions having structurally declined since 2007.</p>


India Adds 190 MT of CO2 as Global Emissions Hit a Record in 2023: IEA Report


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					</table><p>The global crisis triggered by the war in Ukraine could ironically accelerate the transition to a more sustainable and secure energy system, according to the latest World Energy Outlook by the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>The energy markets, at present, remain extremely vulnerable, with unrelenting geopolitical and economic concerns. This crisis, the IEA warns, is a reminder of the fragility and unsustainability of the global energy system.</p>
<p>Contrary to claims that climate policies and net zero commitments contributed to an increase in energy prices, IEA’s analysis found insufficient evidence to support the claim. In most affected regions, a higher share of renewables correlated with lower electricity prices and more efficient homes. The agency identified that the heaviest burden was falling on poorer households, where a larger share of income is spent on energy.</p>
<p>Governments are now taking longer-term steps in their attempt to shield consumers from the impacts of the crisis. Notable responses include the much talked about U.S. Inflation Reduction Act, which aims to reduce carbon emissions by about 40% by 2030, and the European Union’s ‘Fit for 55’ package, which makes the bloc’s target to reduce emissions by at least 55% by 2030 a legal obligation.</p>
<p>Other assertive programs include the REPowerEU, Japan’s Green Transformation (GX) program, Korea’s aim to increase the share of nuclear and renewables, and the ambitious clean energy targets in China and India.</p>
<p>“Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” said IEA Executive Director Fatih Birol. “Even with today’s policy settings, the energy world is shifting dramatically…Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable, and more secure energy system.”</p>
<p><strong>Need for Stronger Policies </strong></p>
<p>The IEA expects fossil fuel demand to peak or hit a plateau in all expected scenarios. The demand for coal from the present crisis is expected to be temporary as renewables, supported by nuclear power, see sustained gains. Based on current policies, natural gas demand will reach a plateau by the end of the decade, while oil demand will level off in the mid-2030s amid rising sales of electric vehicles.</p>
<p>Russian fossil fuel exports are not expected to return to pre-war levels. The country’s share of internationally traded energy can fall to 13% in 2030 from 20% in 2021 from the previous forecast, while the U.S. and the Middle East will gain market share.</p>
<p>The agency expects the share of fossil fuels in global energy to fall to just over 60% by 2050 from the current 80%. And carbon dioxide emissions globally are expected to fall back slowly to 32 billion tons by 2050 from a high point of 37 billion tons a year.</p>
<p>In its stated policies scenario, the agency expects clean energy investment to rise to slightly more than $2 trillion by 2030 – a rise of more than 50% from present numbers. Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050.</p>
<p>The report identified that stronger policies could be the key to driving an increase in energy investment needed to reduce the risks of future price increases and volatility.</p>
<p>“Major international efforts are still urgently required to narrow the worrying divide in clean energy investment levels between advanced and emerging and developing economies,” it said. “Full achievement of all climate pledges would move the world towards the safer ground, but there is still a large gap between today’s pledges and a stabilization of the rise in global temperatures around 1.5 °C.”</p>
<p>Fossil fuel combustion will grow by less than 1% in 2022 as the strong expansion of renewables and electric vehicles prevent a sharper rise, IEA <a href="https://mercomindia.com/co2-emissions-from-fossil-drop-due-to-of-renewables-iea/" target="_blank" rel="noopener">said</a> in another recent report. Emissions jumped by nearly two billion tons in 2021 as the world economy rebounded from the effects of the Covid pandemic.</p>
<p>According to IEA’s Renewable Energy Market Updates – Outlook for 2021 and 2022, renewable energy is <a href="https://mercomindia.com/renewables-account-global-power-capacity-iea/" target="_blank" rel="noopener">expected</a> to account for 90% of the global power capacity increase in 2021 and 2022.</p>


Global Energy Crisis May Expedite Transition to Sustainable and Clean Sources: IEA

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