Subscribe

Carbon emissions reach record high despite renewables gains

The International Energy Agency says CO2 stats would have been far worse without green energy.

A massive deployment in renewable power production in 2023 wasn’t enough to prevent another record high for global carbon dioxide emissions. 

That’s according to the latest data from the International Energy Agency, which shows the green energy boom has blunted — but not yet reversed — the annual increase in planet-warming gases.

Energy-related CO2 emissions rose 1.1% to 37.4 billion metric tons last year. That represented an increase of 410 million tons, down from a increase of 490 million the year before. 

One major contributor to the degree of last year’s increase in emissions was extreme drought, which cut the capacity of hydropower production in countries including China and the US. Climate change is set to make droughts more common and severe, undermining the reliability of one of the world’s biggest sources of renewable power.

Still, sources including wind, solar and nuclear power are helping to make a dent in the use of fossil fuels.

“Without clean energy technologies, the global increase in CO2 emissions in the last five years would have been three times larger,” the Paris-based IEA said.

Related Topics:

Learn more about reprints and licensing for this article.

Recent Articles by Author

Credent Wealth Management attracts two new partner-advisors

Indiana-based $2.5B RIA has added 12 firms since it was founded in 2018.

Tech rally fuels equities rally, commodities gain

But there are headwinds including US data, Japan intervention.

Treasuries rise ahead of US inflation data

Early trade Friday paused a selloff in global bonds.

Bad day for Bitcoin, net $218M withdrawn from ETFs

Hong Kong will become latest market to launch crypto ETFs.

UBS share buybacks may be at risk from regulators

The banking group may need an extra $20B buffer under new rules.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print