Global CO2 emitters on a path to surpass initial emission targets

At least three of the top four greenhouse gas emitters—China, the EU, and India—will transition to a clean energy economy more quickly than they have indicated in national plans or Nationally Determined Contributions, according to a new analysis released in conjunction with the UN climate summit in Egypt (NDCs). According to the Global Carbon Budget Report 2022, the top four CO2 emitters in 2021 were China (31%), the US (14%), the European Union (8%) and India (7%). According to the report Big Four: Are Major Emitters Downplaying Their Climate and Clean Energy Progress? published by the UK-based Energy and Climate Intelligence Unit. Global crisis and market mechanisms are thought to be the primary forces driving the global transition to renewable energy, electric vehicles, and low-carbon heating systems, particularly in those four countries. Concerns about energy access and security, rapid price declines that make renewable energy sources like wind and solar significantly more affordable than fossil fuel alternatives, and support for Ukraine in Europe are all factors contributing to this momentum. As key markets near tipping points, EV sales are accelerating at the same time. According to the report, these forces are so strong in the three countries that they may very well be on course to surpass their emission targets under the Paris Agreement. The likelihood of limiting global warming to 1.5 degrees Celsius is increased by this. According to the authors, India's adoption of renewable energy, especially solar energy, is accelerating quickly and will significantly alter the nation's electricity industry this decade. India reaffirmed its commitment to achieving its 2030 goals of achieving a cumulative installed capacity of non-fossil fuel-based energy resources of about 50% and a reduction in GDP emissions intensity of 45% from 2005 levels in August when it updated its list of its nationally determined contributions. See also: India plans to reduce its reliance on all fossil fuels Indian energy firms to establish a carbon market