The Global Carbon Project science team, which includes scientists  from more than 80 institutions around the world, just published its 19th edition of the Global Carbon Budget, a crucial report that provides information on carbon cycle and anthropogenic emissions.

According to the document, global carbon emissions from fossil fuels and cement would rise by around 0,8% in 2024 to a total of 37,4 bn tonnes of CO2. This is a new record, 0,4bn tonnes of CO2 higher than the previous record set last year and 2,6% above the pre-Covid levels.

The report also reveals that the EU’s emissions, representing around 7% of the global total, are projected to decrease by 3,8%. A minor decrease of 0,6% is predicted in the US.  However, emissions are expected to increase slightly in China (up 0,2%) and by a larger proportion in India (up  4,6%).

In the EU, the decline is driven by a  massive 15,8% reduction in coal emissions which in turn was due to “ a combination of rapid clean energy adoption as well as relatively weak economic growth and high energy prices,” as stated by Carbon Brief.

For all the sectors covered by the EU ETS, consultancy Icis expects emissions to decline by 3-4% this year. In the power sectors, the reduction should be quite impressive. According to ClearBlue Markets, quoted by Montel News, “power emissions are currently expected to be 12,7% down.”