# Global energy-related CO2 emissions edged up to record high in 2022 – IEA
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-02
Category: LIFESTYLE
Category URL: https://financedigest.com/category/lifestyle
Meta Title: Global CO2 Emissions Hit Record High Despite Clean Tech
Meta Description: Discover how clean technology is helping limit the impact of increased coal and oil use, but deep emissions cuts are needed to meet climate targets.
URL: https://financedigest.com/global-energy-related-co2-emissions-edged-up-to-record-high-in-2022-ieahtml

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By Susanna Twidale

LONDON (Reuters) – Global energy-related emissions of carbon dioxide hit a record high last year, although more clean technology such as solar power and electric vehicles helped limit the impact of increased coal and oil use, the International Energy Agency (IEA) said on Thursday.

Deep cuts in emissions, mainly from burning fossil fuels, will be needed over the coming years if targets to limit a global rise in temperatures and prevent runaway climate change are to be met, scientists have said.

We still [see emissions](https://www.financedigest.com/euro-7-emissions-proposals-the-sequel-europes-carmakers-dont-want-to-see.html "Euro 7 emissions proposals, the sequel Europe’s carmakers don’t want to see") growing from fossil fuels, hindering efforts to meet the world’s climate targets,” IEA Executive Director Fatih Birol said in a release alongside the report.

The report by the Paris-based watchdog comes just weeks after major fossil fuel producers such as Chevron, Exxon Mobil and Shell reported record profits, with BP also rowing [back on plans to slash oil and gas output](https://www.financedigest.com/uks-bellway-to-buy-back-shares-hike-social-housing-output.html "UK’s Bellway to buy back shares, hike social housing output") and reduce emissions.

International and national [fossil fuel](https://www.financedigest.com/bank-finance-for-cleaner-energy-grows-but-still-lags-fossil-fuels-report.html "Bank finance for cleaner energy grows, but still lags fossil fuels – report") companies are making record revenues and need to take their share of responsibility,” Birol said.

Global emissions from [energy rose by 0.9% in 2022 to a record](https://www.financedigest.com/energy-bill-support-pushes-uk-budget-deficit-to-february-record.html "Energy bill support pushes UK budget deficit to February record") 36.8 billion tonnes, the IEA analysis showed.

Carbon dioxide (CO2) emissions from coal grew by 1.6% last [year with many countries turning](https://www.financedigest.com/2043-the-year-britain-will-turn-cashless.html "2043: The year Britain will turn cashless") to the more polluting fuel after Russia’s invasion of Ukraine and a reduction in Russian gas supply to Europe sparked record high gas prices.

CO2 emissions from oil rose by 2.5% but remained below [pre-pandemic levels](https://www.financedigest.com/fraport-sees-2023-passenger-traffic-at-80-90-of-pre-pandemic-levels.html "Fraport sees 2023 passenger traffic at 80-90% of pre-pandemic levels") the report said.

Around half of the increase in oil-related emissions was due to a [rise in air travel which was rebounding from a low](https://www.financedigest.com/euro-rises-after-spanish-cpi-dollar-slips-towards-8-mth-low.html "Euro rises after Spanish CPI, dollar slips towards 8-mth low") during the pandemic.

Lower output from nuclear power plants and extreme weather events [including heatwaves also contributed to the increase in energy related emissions](https://www.financedigest.com/citi-pledges-to-cut-emissions-for-more-sectors-including-coal.html "Citi pledges to cut emissions for more sectors including coal"), the IEA said.

Emissions were partly offset, however, by a rise in renewable [power sources like wind and solar](https://www.financedigest.com/public-power-corp-rwe-to-build-five-solar-farms-in-greece.html "Public Power Corp, RWE to build five solar farms in Greece"), energy efficiency measures and electric vehicles. These avoided an additional 550 million tonnes of [CO2 emissions](https://www.financedigest.com/seenthis-launches-creative-platform-to-boost-performance-and-reduce-co2-emissions-in-digital-advertising.html "SeenThis launches Creative Platform to boost performance and reduce CO2 emissions in digital advertising") last year, the IEA said.

(Reporting By Susanna Twidale; Editing by Toby Chopra)


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