Carbon Dioxide Emissions Are Expected To Set Record In High Levels In 2023

By Author: Agile Advisors
Total Articles: 55
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The international environment agency (IEA) recently published a report which indicates that globally the governments have together set aside USD 380 billion fund, to accelerate recovery measures for the sustainable energy industry. This is about 2 percent of the total recovery-based spend globally. It clearly indicates that only a small portion of the government’s total recovery spending in response to the Corona pandemic has been allocated for sustainable/ green energy measures. IEA believes that the CO2 emissions will see a record level in the year 2023. It further suggests that the funds being mobilized both by the public and private entities globally for recovery plans are short of what is required to achieve the global climate goals. Agile Advisors is a carbon footprint consultant and helps organisations estimate their carbon footprint.

The IEA report further mentioned that the shortfall in spending is particularly seen in emerging and developing economies, several of these countries are facing financial challenges at the moment. It further says that the carbon dioxide emission would continue to rise beyond 2023 ...
... and they do not see any clear peaking anytime soon. We as carbon footprint consultant are helping companies set carbon reduction targets and become carbon neutral by 2050.

Although people have been talking about how the corona pandemic has shown that we should invest in sustainability, however it is yet to be seen in the action of several governments as sustainable spending seems to be not up to the mark. Although several countries have enhanced their climate ambitions however the economic recovery funds that their spending on clean and sustainable energy is a very small portion of the entire fund. The IEA has conducted this analysis based on the tool it has developed which is called a sustainable recovery tracker. We Agile Advisors have helped several companies develop carbon footprint tools so that they can track their emissions over time, this has been one of our key services as carbon footprint consultant.

The EIA further suggested that governments are required to increase spending on green and sustainable energy and also come up with policy actions so that they can meet their climate commitments as agreed in Paris (2015). This is an opportunity to lead by example by investing more in clean energy so that the world could shift on the partway to become netizen emission by 2050 although the chances are slim, it is still possible if we are going to act now together. As carbon footprint consultant we do believe that governments, private sector organisations and individuals all have to act together to bring this change.

The 2015 Paris agreement is to limit global warming under 2 degree Celsius and if possible under 1.5 degrees Celsius.. This will not be possible if the government does not increase funding for green and sustainable energy. It is widely known that bringing carbon dioxide emissions to net-zero by the year 2015, is important steps if we want to limit the global warming under 1.5 degree Celsius.

During the year 2020 because of Covid -19 pandemic, the global energy demands decrease by about 1% resulting in decrease global carbon footprint. However, as everyone expected in 2021 and 2022 the energy demand would again increase and the carbon dioxide emissions will also increase if the investments are continued to be made in fossil fuel-based energy sources.

It is expected that globally electricity demand would increase by about 5% in 2021 and 4% in 2022 as globally several countries and their economies put their report towards recovering from the effects of the COVID-19 pandemic. The report also highlights that electricity generation from renewables has been increasing, however, is not keeping up with the increasing demand for the climate goal. The report also suggests that coal fire electricity generation will further increase by about 5% in 2021 and by 3% by 2022. It should be noted that coal-fired electricity generation increase by 4.6% earlier in the year 2020. So it is expected that emission will increase unless governments set aside clear funds for clean and green energy as a response to COVID- 19 pandemic. As carbon footprint consultant we hope to see stronger ambition of all players to reduce emissions.

Agile Advisors launched its operations in 2016 and has since rapidly grown globally. We have offices in UAE, Bahrain and India. Our team brings in a plethora of expertise in sustainability cutting across different sectors.