ESG Insider: 2023 emissions fell in advanced economies even as global emissions rose — IEA report
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Carbon emissions from energy use fell to a 50-year low in advanced economies in 2023 despite overall economic growth, driven by renewable energy deployment, a drop in coal-fired generation, and improved energy efficiency, according to a report published March 1 by the International Energy Agency (IEA).
2023 was the first year in which at least half of electricity generation in advanced economies came from low-emissions sources such as renewables and nuclear, the IEA said. Emissions declined 4.5% between 2022 and 2023 in advanced economies, representing the steepest drop outside of a recessionary period, according to the report.
Despite the trend among advanced economies, global carbon emissions increased 1.1% during 2023 to an all-time high of 37.4 billion metric tons, the IEA said, with emissions from coal accounting for about two-thirds of that increase.
In this week’s newsletter, we assess the outlook for lower carbon emissions in steel production and how China’s reliance on coal may endanger its 2025 climate targets. We also look at how US companies are preparing for the potential of mandatory climate-related disclosures. The US Securities and Exchange Commission is voting today on whether to approve a proposal to require climate disclosures.
Our ESG Insider podcast examines the risks climate change poses to global food supply chains and agricultural production and explores some of the solutions.
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