Global CO2 emissions rose less than initially feared in 2022

Global CO2 emissions rose less than initially feared in 2022

Subject: Environment

Section: Climate Change

Context: Clean energy growth offset much of the impact of greater coal and oil use, according to the IEA analysis.

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• Global energy-related carbon dioxide (CO2) emissions rose by under one per cent in 2022 as the growth of solar, wind, electric vehicles, heat pumps and energy efficiency helped limit the impacts of increased use of coal and oil amid the global energy crisis, according to a new analysis by the International Energy Agency.
• The rise in emissions last year was far smaller than the exceptional jump of over six per cent in 2021, according to an IEA statement.
• However, the IEA report, titled CO2 Emissions in 2022, called for stronger actions to accelerate the clean energy transition and move the world onto a path towards meeting its energy and climate goals.
• The report is the first in a new series, the Global Energy Transitions Stocktake, which will bring together the IEA’s latest analysis in one place, making it freely accessible in support of the first Global Stocktake in the lead-up to the COP28 Climate Change Conference in November.

Global Stocktake

• The global stocktake of the Paris Agreement (GST) is a process for taking stock of the implementation of the Paris Agreement with the aim to assess the world’s collective progress towards achieving the purpose of the agreement and its long-term goals (Article 14).
• The first stocktake got underway at the UN Climate Change Conference in Glasgow last November (COP26) and will conclude at COP28 in 2023. Each stocktake is a two-year process that happens every five years.
• The first global stocktake is critical to assessing collective progress under the Paris Agreement and addressing opportunities for enhanced action and support.

Why the Global Stocktake matters

• The Paris Agreement calls on each country to set its own plan to cut emissions and adapt to climate impact It also established a process for countries to continually strengthen their national climate plans. These national climate change plans are formally known as Nationally Determined Contributions (NDCs).
• To hold themselves accountable, countries agreed to regularly report on and review their individual efforts and to take stock of their collective progress. The Paris Agreement created the global stocktaking process, which follows a five-year cycle.
• The global stocktake will help national governments see what they have achieved so far in implementing their climate plans, identify what still needs to be done to meet their targets, and highlight opportunities to increase their ambition on climate action.

International Energy Agency

• The International Energy Agency is anautonomous Intergovernmental Organisation established in 1974 in Paris, France.
• To ensure reliable, affordable and clean energy for its member countries and beyond. Its mission is guided by four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide
• India became an Associate member of IEA in March 2017 but it was in engagement with IEA long before its association with the organization.
• Established in the wake of the 1973-1974 oil crisis,to help its members respond to major oil supply disruptions, a role it continues to fulfil today.
• IEA’s mandate has expanded over time to include tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation.
• It has 30 members at present. The IEA family also includeseight association countries.
• A candidate country must be a member country of the OECD. But all OECD members are not IEA members.
• To become member a candidate country must demonstrate that it has:
  • Crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply.
  • A demand restraint programme to reduce national oil consumption by up to 10%.
  • Legislation and organisation to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis.
  • Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request.
  • Measures in place to ensure the capability of contributing its share of an IEA collective action.
• Reports released:
  • Global Energy & CO2 Status Report.
  • World Energy Outlook.
  • World Energy Statistics.
  • World Energy Balances.
  • Energy Technology Perspectives.