According to the International Energy Agency, Carbon dioxide emissions are forecast to jump by almost 5% this year, the second biggest annual rise in history. This exponential rise is driven by global economies injecting stimulus capital into fossil fuels as part of the global recovery from the Covid-19 recession.
This upswing in carbon emissions is reminiscent the 2007-2009 global financial crisis, when governments’ bids to stimulate the economy by investing in carbon-intensive projects resulted in a huge increase in carbon emissions in 2010.
Scientists have warned that carbon emissions must be cut by 45% this decade for the world to achieve its target of limiting global heating to 1.5C. News of rising emissions will alarm many campaigners who are already concerned that policymakers around the world are not doing enough to address climate change.
“The data from this report is highly concerning. Many hoped for a green economic recovery from the COVID-19 pandemic. Last year saw global energy-related carbon emissions fall by almost 6%. It is imperative we learn from previous mistakes and do not allow a crisis to push us back towards fossil fuel dependency”.