A growing number of climate analysts believe that 2023 may be recorded as the year in which annual emissions reached a pinnacle before the global fossil fuel economy begins a terminal decline...To understand how the world may have already reached an end to rising global emissions, just two years after one of the
steepest emissions hikes in history, it helps to look at the global electricity sector.
The report studied power generation across 78 countries representing 92% of global electricity demand. It found a 16% rise in the amount of solar power generated and a 10% jump in global wind power output. In the IEA’s flagship report, widely considered to be one of the most influential in the climate and energy debate, it found that the steady rise of wind and solar power was on track to outpace the world’s growing demand for energy – meaning renewables will start to displace fossil fuels on a global scale.
At the same time the rollout of electric vehicles globally is expected to start eroding the demand for road fuels, which makes up about 50% of the oil demand in developed countries.
An analysis of China’s carbon emissions – the highest in the world and more than the emissions of the US, India and Russia combined – found that they may reach a peak this year before falling into a structural decline by 2024. The study by the Centre for Research on Energy and Clean Air, undertaken
for Carbon Brief, found that China’s rollout of wind and solar power had been faster than expected this year and could eclipse the country’s growing energy appetite.
The findings are backed up by a number of separate studies, all from well-regarded energy authorities, which paint a picture of a world at the beginning of the end of the fossil fuel era.
The US Energy Information Administration’s (EIA) said earlier this year that energy-related carbon emissions would continue to rise, in line with growing global demand for oil, until 2050. The Organization of the Petroleum Exporting Countries (Opec) has also predicted that global oil demand will continue to grow out to 2045, albeit at a slower pace than in recent years.
Opec has consistently underestimated the rollout of electric vehicles in its official forecasts, which are used by governments to inform their policies, according to experts. Its forecasts for the number of electric vehicles on the roads by 2022 were too low by an average of almost 60% over the period 2015-2021, according to a recent report by Zero Carbon Analytics. In 2021, the cartel’s forecasts for the global electric vehicles fleet just one year ahead were wrong by 49%, the report found.
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