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Global CO2 emissions rebound strongly after steep drop

- As economic activity picks up, worldwide emissions rise, data shows

home > Oil, Coal, International Organization, World 02.03.2021 10:47

Global CO2 emissions rebound strongly after steep drop

Although the COVID-19 crisis last year triggered the largest annual decline in global energy-related CO2 emissions of 5.8% since Second World War, they saw a large rebound above 2019 levels in December when major economies increased economic activity, a new report from the International Energy Agency (IEA) said Tuesday

According to the IEA's Global Energy Review: CO2 Emissions in 2020 report, global emissions plunged by almost 2 billion last year, the largest absolute decline in history. However, the IEA's data showed that global emissions were 60 million tons, or 2%, higher in December 2020 compared to the same month of 2019.

Global emissions from oil use plummeted by well over 1.1 billion tons, down from around 11.4 billion tons. This drop was due to lower the use of oil for road transport and aviation as the countries applied quarantine rules by stopping international travel.

The report showed that in conjunction with the rise in oil consumption, the rise in emissions as travel and economic activities picked up around the world.

"Major economies led the resurgence as a pick-up in economic activity pushed energy demand higher and significant policies measures to boost clean energy were lacking. Many economies are now seeing emissions climbing above pre-crisis levels," the IEA said.

Emissions in China last year increased by 0.8%, or 75 million tons, from 2019 levels. China was the first major economy to emerge from the pandemic and lift restrictions, prompting its economic activity and emissions to rebound from April onwards.

Emissions in India rose above 2019 levels from September as restrictions were relaxed, while in Brazil the rebound of road transport activity led to the resurgence of oil demand, and increases in gas demand in the last months of 2020 pushed emissions above 2019 levels.

Although emissions in the US fell by 10% last year, they started to bounce back on a monthly basis. US emissions in December last year approached the levels seen in December 2019.

According to the IEA, this was the result of accelerating economic activity along with the combination of higher natural gas prices and colder weather favoring an increase in coal use.

"The rebound in global carbon emissions toward the end of last year is a stark warning that not enough is being done to accelerate clean energy transitions worldwide. If governments do not move quickly with the right energy policies, this could put at risk the world’s historic opportunity to make 2019 the definitive peak in global emissions," Fatih Birol, the IEA executive director was quoted as saying.

Although, according to IEA data, global emissions from the electricity sector dropped by 450 million tons last year, partly from lower electricity demand but also from increases in electricity generation by solar PV and wind, Birol said the IEA’s numbers show a return to carbon-intensive business-as-usual.

The share of solar PV and wind in global electricity generation rose from 27% in 2019 to 29% in 2020, the biggest annual increase on record.

“This year is pivotal for international climate action – and it began with high hopes – but these latest numbers are a sharp reminder of the immense challenge we face in rapidly transforming the global energy system," Birol said.

In March, he recalled that the IEA urged governments to put clean energy at the center of their economic stimulus plans to ensure a sustainable recovery.

The report warned that the record increase in electric vehicle sales last year is insufficient to offset the growth in emissions caused by the uptick in road traffic around the world.

Last year, around 3.2 million electric vehicles were sold worldwide, marking an over 40% year-on-year increase to over 10 million hitting the road.

A decline in electricity sector emissions of around 500 million tons is necessary every year for the world to achieve the climate goals of the Paris Agreement by limiting global warming to well below 2° Celsius. A further fall in emissions from the electricity sector would be required to achieve the 1.5° Celsius target.

"If current expectations for a global economic rebound this year are confirmed – and in the absence of major policy changes in the world’s largest economies – global emissions are likely to increase in 2021," Birol warned, adding that there are still reasons for optimism.

According to Birol, China's carbon neutrality target, the rejoining of the US to the Paris Agreement along with putting the climate at the heart of its policy-making, the EU’s push ahead with its Green Deal and sustainable recovery plans and India's renewables success are examples to stay optimistic.

He said the UK is building global momentum towards stronger climate action at the COP26 meeting that will take place in November in Glasgow.

In order to show a sustainable path forward, the IEA will publish on May 18 the world’s first comprehensive roadmap for the energy sector to reach net-zero emissions by 2050, the IEA concluded.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr



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Oil down over fears of stalled demand from lockdowns

- Several European countries raise containment measures amid third wave of virus surging across continent
23.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down as rising virus cases caps demand rebound hopes

- EU countries, including Germany and Belgium, plan to further increase restrictions against virus
23.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Saudi oil giant Aramco reports 44% profit slump in 2020

- Aramco's 2020 profits hit $49B compared to $88.2B in 2019
23.03.2021 Oil , Middle East-Africa

Kenya feels betrayed by Somalia over maritime dispute

- Maritime delimitation case between East African countries has already started at ICJ without Kenya’s participation
20.03.2021 Natural Gas , Oil , Middle East-Africa

Saudi Arabia contains fire at oil facility after attack

- Yemen's Houthi rebel group says earlier Aramco oil company targeted with 6 drones
21.03.2021 Oil , Middle East-Africa

US oil rig count rises by 9 for week ending March 19

- This marks drop of 346 in number of US oil rigs compared to one year ago
21.03.2021 Oil , Americas

Oil prices down over 8% for week ending March 19

- Having hovered between $68-70 a barrel, oil prices post sharp declines on the last day of week
20.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil posts sharp decline over rising demand concerns

- Increasing virus cases and uncertainties around safety of vaccines put pressure on oil prices
20.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

EU halts sanctions for more Turkish oil firm officials

- EU has frozen expansion of list of sanctions on officials of Turkish Petroleum Corporation, say EU diplomats
19.03.2021 Oil , Refining/Petro Chemistry , Energy Diplomacy , Energy Projects , Europe

Oil majors accelerate energy transition policies: Fitch

- European firms plan at least large emission reductions, while US peers focus on reducing emissions in upstream operations
20.03.2021 Oil , Transportation/Fuel Oil , Stock Market , Eurasia , Americas

Fitch raises oil price forecast due to stronger demand

- Brent oil price for 2021 is revised up to average $58 a barrel from $45 a barrel
19.03.2021 Oil , Stock Market , Energy Diplomacy , Energy Projects , Americas

21 US states sue Biden for revoking oil pipeline permit

- Revoking permit can 'only' be accomplished through bicameralism, lawsuit argues
18.03.2021 Oil , Americas

Oil prices down over rise in US crude oil inventories

- Probable disruptions in vaccine programs and prospects of new restrictions prove bearish for prices
18.03.2021 Oil , World

US crude oil inventories rise for week ending March 12

- Commercial crude oil stocks increase by 2.4 million barrels, slightly lower than market expectation of 2.7 million-barrel rise
18.03.2021 Oil , World , Americas

Global oil demand to surge 6% in 2021: IEA

- Stronger economy, vaccine deployment will support growth in second half of year, energy agency says
18.03.2021 Oil , International Organization , World

No return to ‘normal’ for post-Covid oil markets: IEA

- Global oil demand expected to incur irreversible damage due to ‘shifting policies, behavior changes, Energy Agency warns
18.03.2021 Oil , International Organization , World

Oil prices rise over unexpected fall in US stocks

- Delayed oil demand recovery fears weigh on prices as safety of COVID-19 vaccines is brought into question
18.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices down over negative vaccine reports

- Several European countries halt use of AstaZeneca’s vaccine over reports of blood clotting cases
17.03.2021 Oil , World

Oil prices up over better economic data from China

-China's daily refinery output increased 15% in January and February, data from National Bureau of Statistics shows
16.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count falls by 1 for week ending March 12

- This marks drop of 374 in number of US oil rigs compared to one year ago
15.03.2021 Oil , Finance , Americas , General

Oil prices down over 1% for week ending March 12

- Despite limited fluctuations, oil prices hover between $66-69 a barrel during week supported by tighter supply
15.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil posts limited drop over vaccine uncertainties

- Some European countries halt use of AstraZeneca and Oxford University vaccines over reports of blood clotting issues
13.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Global oil demand to increase 6.5% in 2021: OPEC

- Crude output rises mainly in Nigeria, Iraq, Iran, Venezuela and Libya but decreases in Saudi Arabia and Angola, says OPEC
13.03.2021 Oil , International Organization , World

Oil prices up as US economy shows positive signs

- Country’s consumer prices show 0.4% increase in February in line with economists’ expectations
12.03.2021 Oil , World

Eni, Var Energi announces oil discovery offshore Norway

- Preliminary estimates place size of discovery between 65 and 100 million barrels of oil equivalent
11.03.2021 Oil , Finance , Europe , General

US crude oil inventories rise for week ending March 8

- Commercial crude oil stocks increased by 13.8 million barrels, more than market expectation of 833,000-barrel draw
11.03.2021 Oil , Americas

Russia, Saudi Arabia to develop ties within OPEC+

- Foreign ministers of both major oil-producing countries show unified stance on cooperation at Wednesday's news conference
11.03.2021 Oil , International Organization , Europe , Asia , Middle East-Africa

US energy agency revises up its oil price forecast

- Brent to average $63 per barrel in first half of 2021 before declining to $58 per barrel for rest of year: EIA outlook
11.03.2021 Oil , International Organization , World

Oil down over expected rise in US stocks, rising dollar

- US crude oil inventories are forecast to rise by over 12.8 million barrels, API figures show
10.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil up on projected economic recovery, inventory draw

- Oil prices retreat from $71 threshold on Tuesday after attacks on Aramco's oil facilities had no immediate impact on output
10.03.2021 Oil , World

Oil prices soar over attack on Saudi oil facilities

- Bullish oil prices also fueled more after Senate approval of much-awaited US relief bill
09.03.2021 Oil , World , Turkey , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count rises by 1 for week ending March 5

- This marks drop of 372 in number of US oil rigs compared to one year ago
09.03.2021 Oil , Americas

Brent hits $69 over OPEC+ supply cut decision

- Positive outlooks over oil demand recovery with easing concerns for oversupply main drivers of oil prices
07.03.2021 Oil , World

Oil prices up over 4% for week ending March 5

- Prices rise on back of OPEC+ decision to maintain rather than raise output cuts for April
06.03.2021 Oil , World

Oil prices to rise to $75 per barrel in April: WoodMac

- Saudi Arabia's adamant stance not to raise production before seeing actual recovery helps prices, says consultancy
06.03.2021 Oil , World

OPEC+ meeting highlights Saudi's leadership

- Group, except for Russia and Kazakhstan, will continue production cuts for April
08.03.2021 Oil , International Organization , World

Oil up as OPEC agrees roll over of output cuts in April

- Rising value of dollar also exerts downward pressure on oil prices which are indexed to US dollar
05.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

OPEC+ agrees to extend output cuts for another month

- New production scheme again includes output rise exemption for Russia and Kazakhstan
07.03.2021 Oil , International Organization , World

OPEC+ meets to discuss production quota after March

- Group is currently imposing 8.05 million bpd output cuts, including 1 million bpd of additional cuts from Saudi Arabia
05.03.2021 Oil , World

Oil up as OPEC+ expected to keep output cuts unchanged

- Prices soar despite highest-ever increase in US crude oil inventories since 1982
04.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil inventories mark largest weekly rise since 1982

- Commercial crude oil stocks rise by massive 21.6 million barrels, smashing market expectation of 1.9 million-barrel draw
05.03.2021 Oil , Americas

Oil sector job losses expected post-COVID: Aramco chief

- Covid-19 exposed harsh realities for world, says Amin Nasser during virtual CERAWeek panel
04.03.2021 Oil , News from companies , World

OPEC+ meeting to test ability to keep market tight

- Amid concerns of group's likely decision to raise output, experts say meeting will also reflect group’s strength, coherence
04.03.2021 Oil , World , Turkey , Europe , Eurasia , Asia , Americas , Middle East-Africa

ExxonMobil plans reduction of staff in Singapore

-Company will slash up to 300 jobs, representing approximately 7% of company’s more than 4,000 employees in Singapore
04.03.2021 Oil , News from companies , World , Americas

Oil prices up with more optimistic demand outlook

- Price rise comes despite build of 7.4 million barrels in US crude inventory relative to forecast of 1.9 million-barrel fall
04.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

OPEC foresees recovery of oil market in 2021

- Speaking at group’s Joint Technical Committee meeting, OPEC Secretary General stresses cautious optimism
03.03.2021 Oil , International Organization , World

Global CO2 emissions rebound strongly after steep drop

- As economic activity picks up, worldwide emissions rise, data shows
03.03.2021 Oil , Coal , International Organization , World

Oil slips ahead of OPEC+ meeting on Thursday

-Concerns over OPEC+ output increases and uncertainty over oil demand recovery still weigh on oil prices
03.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices up with US relief bill, 3rd vaccine approval

- Geopolitical risks continue weighing on oil prices after Saudi-Yemen tension and US attack on Iranian positions in Syria
02.03.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Yemen rebels claim drone attacks on Saudi Arabia

- No comment made from Saudi-led coalition on Houthi claim
01.03.2021 Oil , Middle East-Africa

US oil rig count rises by 4 for week ending Feb. 26

- This marks drop of 369 in number of US oil rigs compared to one year ago
28.02.2021 Oil , Finance , Americas , General

Oil prices up over 3% for week ending Feb. 26

- Rising value of US dollar makes oil more expensive for buyers, limiting further oil price increases
27.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Efficiency rules to curb marine bunker oil demand by '30

- Use of marine LNG is expected to grow steadily by 2030, new Wood Mackenzie report says
27.02.2021 Oil

Turkey's energy import bill down 35.8% in January 2021

- Last month, overall energy imports fall due to rise in country's domestic and renewable energy production
26.02.2021 Natural Gas , Oil , Projects , Stock Market , Energy Projects , Turkey

Oil prices fall as dollar appreciates

- Recent high oil prices encourage greater production to exert downward price pressure
26.02.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa
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