By Equipe de Redação
Posted in December 23, 2022
Plenary on Global Stock Closing at COP27, this Friday (Photo: Kiara Worth/UNFCCC).
CO2 emissions in 2022 reach almost record; Remaining budget for 1.5°C cap stands at 380 GtCO2.
A report by the Global Carbon Project (GCP) shows that CO2 emissions in 2022 have reached near-record levels, putting the remaining carbon budget to limit the global temperature to 1.5ºC at 380 billion tons of CO2 (GtCO2).
The carbon budget is the amount of CO2 that can still be emitted for a 50% chance of staying below 1.5°C of warming by 2100.
At the current rate of emissions, that budget would be blown in just nine years — most net-zero plans target 2050.
The total increase was slight compared to 2021 — around 0.8% in 2022, reaching 40.6 billion tons of CO2 (GtCO2) — but last year had already been a record year.
The reason is a combination of steady land use emissions between 2021 and 2022 and rising fossil CO2 emissions.
Most of the increase in emissions came from oil. Coal rose slightly — slightly lower than expected given the global energy crisis — while natural gas was flat and cement saw a slight decline. Read on epbr
Global CO2 concentrations set a new record of 417.2 parts per million (ppm), up 2.5 ppm from 2021 levels. Atmospheric CO2 concentrations are now 51% above pre-industrial levels .
The data were released today (11/11), on Decarbonization Day at COP27, in Egypt.
The mission of this year’s climate conference is to mobilize funding for energy transition, cut emissions and adapt entire regions to deal with the consequences of climate change.
Carbon budget falls, spending rises
So far, the money on the table doesn’t do justice to the size of the undertaking.
A survey by consultancy Oliver Wyman in partnership with the World Economic Forum (WEF) calculates that it will be necessary to invest globally at least US$ 500 billion by 2030 in decarbonization technologies.
This is ten times more than the US$ 16 billion invested worldwide between 2016 and 2020.
These investments should be directed towards decarbonization technological breakthroughs that include carbon capture, storage and utilization (CCUS) and clean energy generation with hydrogen, bioenergy, sustainable aviation fuels (SAF) and green ammonia, for example.
These technologies would account for more than 40% of global greenhouse gas reductions by 2050.
However, the document points out that they are in the early stages of development and are not yet mature or competitive with existing high-emission alternatives.
That’s where the account goes up
Trillions of dollars in new investment are needed to support commercial-scale deployment and testing.
Through 2030 alone, it takes $4.3 trillion a year, more than a threefold increase over investment levels from 2016 to 2020, to decarbonize energy systems and the economy.
Today, epbr agency journalist Gabriel Chiappini spoke with Leonardo Gava (Climate Bonds Initiative), Carlos Alberto Tavares Ferreira (Carbon Zero) and João Vicente (Ambipar/Ambify) about decarbonization. Watch the COP27 Dialogues on Youtube
One year to cheap
Countries representing more than 50% of global GDP announced today (11/11) a 12-month plan to help make cleantech cheaper and more accessible everywhere.
It is part of the 45-country initiative formed at the last COP, the Breakthrough Agenda.
In all, there are 25 new collaborative actions – to be delivered by COP28 next year – to accelerate decarbonization by advancing in five areas: energy, road transport, steel, hydrogen and agriculture.
And they include deals for steel, hydrogen and sustainable batteries; cross-border electricity grid infrastructure projects; target date to phase out polluting vehicles (2040 globally and 2035 in major markets), and investment in RD&D to address the challenges of food insecurity, climate change and environmental degradation, among others.
Biden speaks, but no big news
The president of the United States made a point of stopping by the conference to talk about the US$ 369 billion package to decarbonize the economy and promised to further reduce emissions from the US oil and gas industry.
He also announced aid packages for African countries, including US$ 500 million for Egypt to invest in renewables – which does not change much in the global scenario.
In addition, there is little prospect of more significant announcements, given the internal scenario, with Republicans in the process of retaking the Chamber of Deputies. Bloomberg
Next week, eyes on Lula
The most recent update on the agenda of the president-elect of Brazil shows that he will arrive in Egypt on Tuesday afternoon (15) and may hold a press conference on the same day.
On the 16th, Lula will receive a letter from the governors of the states of the Legal Amazon and will visit the three Brazilian stands in the Blue Zone. Two new names are appointed for the entourage: former ministers Fernando Haddad and Aloizio Mercadante.
Marina Silva has already arrived. The elected deputy – considered to be Lula’s minister – made her first appearance at COP27 yesterday (10). In the morning, she met with US climate envoy John Kerry. In the afternoon, he participated in a private meeting with the Vice President of Colombia, Francia Márquez, at the civil society space in the Blue Zone, the Brazil HUB. The information is from ClimaInfo
Methane
The United States, the European Union, Japan, Canada, Norway, Singapore and the United Kingdom released a joint statement today (11) acknowledging that “unshakable dependence on fossil fuels” leaves them vulnerable to market volatility and geopolitical challenges.
The group calls for global action to reduce methane emissions from the fossil energy sector, with the aim of reducing warming by 0.1°C by mid-century.
It also appeals to fossil energy importers to reduce consumption emissions; and to producers to implement projects and support emission reduction policies. Read the statement in English
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