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World needs 2 billion tons in emission cuts annually

- Study shows emissions fall of 2.6 billion tons in 2020 due to confinement measures against pandemic

home > International Organization, World 04.03.2021 11:29 Nuran Erkul

World needs 2 billion tons in emission cuts annually

A cut of 1-2 billion tons every year in global CO2 emissions is needed to meet the climate goals of the Paris Agreement in limiting global warming within the range of 1.5 °C to well below 2 °C, new research revealed late Wednesday.

The first global stocktake by researchers at the University of East Anglia (UEA), Stanford University and the Global Carbon Project examined progress in cutting fossil CO2 emissions since the Paris Agreement was adopted in 2015 in their study entitled, Fossil CO2 Emissions in the Post-COVID era.

The study revealed that the annual cuts of 0.16 billion tons of CO2 emissions are only 10% of the needed 1-2 billion tons throughout the 2020s and beyond to conform with the ambition of the UN Paris agreement by not exceeding global warming within the range of 1.5°C to well below 2°C.

"Countries’ efforts to cut CO2 emissions since the Paris Agreement are starting to pay off but actions are not large-scale enough yet and emissions are still increasing in way too many countries," Royal Society Professor Corinne Le Quere of the University of East Anglia’s School of Environmental Sciences, one of Europe's best-respected environmental science schools, was quoted as saying.

She said the drop in CO2 emissions due to the COVID-19 measures highlights the scale of actions and of international adherence needed to tackle climate change.

"Now we need large-scale actions that are good for human health and good for the planet. It is in everyone’s best interests to build back better to speed the urgent transition to clean energy," she noted. "This pressing timeline is constantly underscored by the rapid unfolding of extreme climate impacts worldwide."

A full emissions rebound to previous CO2 emission levels this year appears unlikely, however, researchers warn that unless the COVID-19 recovery directs investments in clean energy and the green economy, emissions will likely start increasing again within a few years.


-Post-COVID investment dominated by fossil fuels

According to Prof. Rob Jackson of Stanford University, who co-authored the study, post-COVID investments continue to be overwhelmingly dominated by fossil fuels in most countries in contradiction with climate commitments, including in the United States and China.

He said that greater ambition is now backed by leaders of the three biggest emitters: China, the United States and the European Union in reaching net-zero emissions within decades and in support of the climate ambition needed at the COP26 in Glasgow.

But he warned that commitments alone are not enough and that “countries need to align post-COVID incentives with climate targets this decade, based on sound science and credible implementation plan.”

The European Union, Denmark, France, the United Kingdom, Germany and Switzerland are among the few countries that have so far implemented substantial green stimulus packages with limited investments in fossil-based activities.


-2020 - "pause button" on emissions

According to the researchers, 2020 was a "pause button" that cannot realistically continue while the world is overwhelmingly dependent on fossil fuels and requires ambitious climate policies to solve the climate crisis.

The International Energy Agency on Tuesday had announced the emission drop in 2020 as almost 2 billion tons, or a 5.8% decrease compared to 2019 levels

The study showed that last year was an exception with a 7% drop in CO2 emissions, equating to 2.6 billion tons compared to 2019 levels, due to measures taken to prevent the spread of the COVID-19 pandemic.

Global emissions were found to have grown by 0.21 billion tons of CO2 per year during 2016-2019 compared to 2011-2015.

According to the research, 64 countries cut their CO2 emissions during 2016-2019 by 0.16 billion tons on average each year, while emissions in about 150 countries increased by 0.37 billion tons.

The study calculated that 25 of the 36 high-income countries curbed their emissions during the 2016-2019 period compared to 2011-2015 on an annual basis.

The US saw a 0.7% decrease in annual emissions, while in the European Union and the UK emissions declined by 0.9% and 3.6%, respectively.

Thirty of the 99 upper-middle-income countries also saw their emissions decrease during the same period. Emissions in Mexico dropped by 1.3%, a notable example in the group, while China's emissions increased by 0.4% during the same period, although this was much less than the 6.2% annual growth of emissions between 2011-2015.

The world has warmed by over 1°C since the Industrial Revolution because of emissions of greenhouse gases from human activities, according to the research.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr



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20.10.2020 Oil , International Organization , World

Sept. global oil supply down as UAE reduces output: IEA

- Global oil demand will fall by 8.4 million barrels per day in 2020, but recover by 5.5 million barrels per day in 2021: IEA
15.10.2020 Oil , International Organization , World

Global oil production decreases in September 2020

- Oil demand worldwide is estimated to increase by 7.25% to average 96.84 million barrels per day in 2021
14.10.2020 Oil , International Organization , World

Turkey's Oruc Reis seismic vessel sets sail for E.Med

- Country issues new navigational telex enabling research vessel to do research on Oct. 12-22
13.10.2020 Natural Gas , Energy Diplomacy , Energy Security , International Organization , Turkey , Europe

Turkey: E.Med energy survey to be in maritime bounds

- Turkish Foreign Ministry rebukes Greek opposition to resumed seismic research in Eastern Mediterranean
13.10.2020 Energy Diplomacy , International Organization , Energy Projects

EU votes in favor of 60% emissions cut by 2030

- Members of the European Parliament also urge for interim 2040 target to ensure EU is on track for carbon neutrality by 2050
09.10.2020 Renewable , International Organization , Energy Projects , Europe

World energy demand to rise 0.9% per year to 2045: OPEC

- Oil will remain fuel with largest share of global energy mix until 2045 with more than 27%
09.10.2020 Oil , International Relations , International Organization , World

OPEC: uncertainties continue to affect economic recovery

- OPEC Secretary-General Mohammad Barkindo says dialogues on issues of crude oil production will continue
03.10.2020 Oil , International Organization , World

Global oil demand to drop 9.5% in 2020: OPEC Chief

- Non-OPEC liquids production is also estimated to decline by 2.7 mb/d in 2020, says OPEC Secretary General Mohammad Barkindo
29.09.2020 Oil , International Organization , World

Cengiz Energy invests $150M in Uzbekistan power plant

-Power plant will be operated by Cengiz Energy for 25 years
22.09.2020 Natural Gas , Energy Diplomacy , Energy Security , International Organization , Energy Projects

Moody's downgrades Turkish Petroleum Refineries' rating

- Decision follows weakening of Turkish government's credit profile with downgrade of government bonds from B2 to B1
19.09.2020 Finance , International Organization , World

Production cuts should be complied, not compensated: OPEC

- OPEC's compensation scheme must be implemented before 2021, says Saudi energy minister
18.09.2020 Oil , International Organization , World

Resolving East Med conflict hinges on Cyprus: EU

- Greece isolates Turkey on East Mediterranean due to EU’s mistake of integrating divided Cyprus into bloc, says EU lawmaker
16.09.2020 Energy Diplomacy , Energy Security , International Organization

Tension in Eastern Mediterranean in 5 questions

- Despite Turkey's repeated calls for dialogue towards fair solution, Greece continues to take steps to drive up tension
16.09.2020 Natural Gas , Finance , Energy Diplomacy , Energy Security , International Organization , Energy Projects , Turkey , Europe

Turkey-N. Cyprus water pipeline to finish by Sept. 25

- 75M cubic meters of freshwater is supplied to Turkish Republic of Northern Cyprus every year
11.09.2020 Energy Security , International Organization , Energy Projects

French oil firm displaces 12,000 in Uganda, Tanzania

- ‘There is need to assist the people with land where the pipelines are going to be constructed,’ says human rights group
11.09.2020 Oil , Projects , International Organization , Energy Projects , Middle East-Africa

Clean energy tech needs to rise to meet climate goals

- Transforming power sector alone will only get world one-third of way to net-zero emissions, IEA report says
10.09.2020 Electricity , Renewable , International Organization

Fitch reduces oil price forecast due to higher supply

- Brent oil price for 2020 is revised down to average $50 a barrel, and long-term Brent price to $53 a barrel
10.09.2020 Oil , Oil , International Organization , World

Anadolu Agency completes Energy Journalism Training

- Online program to help foreign journalists enrich their knowledge in the energy sector successfully concludes on Sept. 9
09.09.2020 Energy Security , International Organization , Energy Projects , Turkey , Europe , Eurasia

Turkey's energy import bill down 30% in July 2020

- Country's crude oil imports increase by 7.6% in July 2020 compared to same month last year
01.09.2020 Oil , International Organization , Turkey

Turkey ready to do 'whatever is necessary' in E. Med

- Escalation in Eastern Mediterranean due to Greek, Greek Cypriot approach, not Turkey's, says foreign minister
26.08.2020 Energy Diplomacy , Energy Security , International Organization

Turkey proceeds resolutely in defense industry: Erdogan

- 2 emergency response, diving training boats, 2 underwater demolition boats, 8 fast patrol boats join Turkish Naval Forces
24.08.2020 Natural Gas , Oil , Energy Security , International Organization , Energy Projects

Turkey discovers major Black Sea natural gas reserves

- President Recep Tayyip Erdogan says 320 billion cubic meters of natural gas reserves found by Fatih drill ship in Black Sea
22.08.2020 Energy Diplomacy , Energy Security , International Organization

Global oil production increases in July 2020

- Global oil demand in 2020 is estimated to be 9.06 million barrels a day lower than last year
13.08.2020 Upstream , International Organization , Middle East-Africa

EIA revises up Brent oil forecast by almost $1 for 2020

- International benchmark expected to average $41.40 per barrel this year
13.08.2020 Upstream , Stock Market , International Organization , Americas

Germany calls for Turkey-Greece talks on Eastern Med

- Berlin urges steps to de-escalate tension sparked by Greece’s controversial maritime deal with Egypt
11.08.2020 Energy Diplomacy , Energy Security , International Organization

ANALYSIS - Unilateralist agreements endanger peace and stability in Eastern Mediterranean

- All stakeholders in the region must understand that Turkey has safeguarded its strategic position and will remain part of the energy equation in the Eastern Mediterranean
11.08.2020 Natural Gas , Oil , Downstream , Energy Security , International Organization , Energy Projects , Turkey , Europe , Middle East-Africa

Turkey's Oruc Reis vessel on new duty in Mediterranean

- Oruc Reis will search for new hydrocarbon sources in Eastern Mediterranean until August 23
11.08.2020 Natural Gas , Oil , Energy Diplomacy , Energy Security , International Organization , Turkey , Europe

BP to spend $5B annually towards its net zero ambition

- BP to cut fossil fuels output by 40% by 2030
05.08.2020 Oil , Renewable , International Organization , Energy Projects , Europe , General

Poland's anti-monopoly watchdog fines Gazprom

- UOKIK sanctions Gazprom, Engie Energy, Uniper, OMV, Shell and Wintershall
05.08.2020 Natural Gas , International Organization , Europe

Oil prices down as OPEC raises crude output

- OPEC+ group lowers oil output cut by 2 million bpd from Aug. 1 onwards
04.08.2020 Upstream , Stock Market , International Organization , Americas

Turkey's energy import bill down 45% in June 2020

- Country's crude oil imports decrease by 21.9% in June 2020 compared to same month last year
30.07.2020 Oil , Stock Market , International Organization , Turkey

11 new major businesses join Hydrogen Council

- 92-member council founded in 2017 includes large multinationals, innovative SMEs and investors
28.07.2020 Renewable , Hydro , International Organization , Energy Projects , Eurasia

Governments should protect residents' data on digital platforms

- Social media, internet have great effects, but there should be criteria for ill-usage, expert says
27.07.2020 Projects , Energy Diplomacy , International Organization , World

Oil prices up as EU agrees on budget, coronavirus aid

- Investors hopeful that €750 billion relief package will restart European economy and boost oil consumption on continent
22.07.2020 Downstream , Stock Market , International Organization , Europe , Americas

Canada's oil production hits lowest level since 2016

- Oil production falls by 700,000 barrels per day in April, and by another 640,000 barrels per day in May
20.07.2020 Upstream , Oil , International Organization , Americas

Libya, Italy discuss closed oil ports, demining efforts

- Italian foreign minister meets Libyan premier in capital Tripoli
18.07.2020 Energy Diplomacy , International Organization , Energy Projects

Reports of filling Nile dam false, Ethiopia tells Sudan

- Sudan, Ethiopia reaffirm commitment to talks for consensus on Grand Ethiopian Renaissance Dam issues
18.07.2020 International Organization , Energy Projects

India faces 'double blow' in Iranian rail, gas projects

- Indian firms set to lose gas field development after being 'dropped' from previous rail project
17.07.2020 Natural Gas , Downstream , International Relations , International Organization , Energy Projects

Oil prices down with rising coronavirus cases worldwide

- Confirmed cases in US surpass 3.5 million mark
17.07.2020 Upstream , Stock Market , International Organization , Americas

OPEC agrees to ease oil output cut to 7.7 mbpd in August

- Group foresees jet fuel, gasoline and diesel consumption to grow in coming months
17.07.2020 Oil , International Organization

Global oil production declines in June 2020

- Global oil demand in 2020 is estimated to be 8.95 million barrels a day lower than last year
15.07.2020 Upstream , International Organization , Middle East-Africa

Oil producers in MENA to lose $270 billion in 2020: IMF

- Region's economy will contract by 5.7% this year, and shrink by as much as 13% in countries torn by conflict: IMF
15.07.2020 Oil , Finance , Energy Security , International Organization , Middle East-Africa

OPEC share of global crude output falls to 39% in 2019

- Iran and Venezuela each see a year-over-year 33% decline in crude oil output
14.07.2020 Upstream , International Organization , Americas , Middle East-Africa

IEA: Global oil supply falls to nine-year low in June

- Record OPEC+ cuts drive most of decline in June as group boosts compliance to 108% from 88% a month earlier
11.07.2020 Upstream , International Organization , Americas , Middle East-Africa

Over 50% of EBRD annual investment to go green by 2025

- Bank's average green finance ratio rose from 25% to 40% in past 5 years, statement says
09.07.2020 Finance , Renewable , International Organization , World

EIA revises up Brent price forecast by $2.50 for 2020

- International benchmark expected to average $40.50 per barrel this year
08.07.2020 Upstream , Stock Market , International Organization , Americas

Trump administration formally pulls US out of WHO

- 'This won't protect American lives or interests,' says top Democratic senator on decision
08.07.2020 International Organization , Americas

Iraq lowers June oil exports, but pumps over OPEC+ aim

- Iraq gains $2.86 billion in June with average crude price per barrel of $33.90
01.07.2020 Oil , Energy Security , International Relations , International Organization , Middle East-Africa

OPEC Sec. Gen. joins African meeting to discuss energy

- Secretary General Barkindo calls for cooperation to sustain oil market stability
02.07.2020 Upstream , International Organization , Middle East-Africa

US oil production increases by 134% in 11 years

- Between 2009-2019, US share of world oil production jumped from 8.91% to 17.9%, almost doubling in 11 years
01.07.2020 Upstream , International Organization , Eurasia , Americas , Middle East-Africa

EU Council adopts post-pandemic roadmap in energy sector

- Council stresses importance of prioritizing energy efficiency for enhancing economic recovery
27.06.2020 Energy Diplomacy , International Organization , Europe

OPEC holds first technical meeting with gas exporters

- 'It's time gas industry implements knowledge and solutions of oil industry,' says Gas Exporting Countries Forum Sec. Gen.
24.06.2020 Upstream , Upstream , International Organization , Eurasia , Middle East-Africa

Oil heads for 10% weekly gain with supply decline

- US crude oil production down approximately 20% in less than four months
20.06.2020 Upstream , Stock Market , International Organization , Americas , Middle East-Africa

OPEC, allies stress full conformity with oil output cut

- 4 OPEC members also agree to voluntarily lower total oil production by 1.2 million barrels a day in June to support prices
19.06.2020 Upstream , Oil , International Organization , Middle East-Africa
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