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POLICY AND ECONOMIC REPORT
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COP29, several countries shared their plans of the deadline, most notably the UAE, UK and Brazil, as well
as Switzerland. Brazil’s plan includes cutting emissions by 59-67% by 2035 relative to 2005 levels and reach
net-zero by 2050, whilst the UK set an ambitious target to reduce emissions by at least 81% on 1990 levels
by 2035.

4. Global carbon emissions hit 41.6 billion tonnes- Report

According to the Global Carbon Project’s 2024 Global Carbon Budget report the global carbon emissions
from fossil fuels are surging to unprecedented levels, with scientists projecting emissions will hit 41.6
billion tons by the end of 2024. This stunning rise of 2% from the previous year marks the highest point
on record amid increasing demand for fossil fuel energy, primarily driven by growing economies like India
and China.

One of the keys to this soaring emission rate is the rising consumption of coal, oil, and natural gas.
Collectively, these fossil fuels account for over 94% of global emissions—coal at 41%, oil at 32%, and gas
at 21%. The increase stems significantly from operationally-sustained power generation, especially from
high-demand electrical sectors across nations. Further, Emissions from international aviation and
shipping, which account for 3% of the global total, are projected to rise by 7.8% in 2024.

The report reveals significant geographical trends as well. India's emissions, representing 8% of global
emissions, are projected to grow by 4.6%, partly due to the country ramping up coal-fired power
generation to meet its surging electricity demand. Similarly, China's emissions representing 32% of the
global total emissions, could see slight growth of about 0.2%, likely attributed to persistent reliance on
coal, especially as the nation navigates increasing energy demand from both industrial and residential
areas.

On the other hand, the United States, accounting for 13% of global emissions, is set to see a slight decrease
of 0.6% as coal usage continues its long-term decline, though this is steadily being offset by moderate
increases in natural gas consumption. Meanwhile, emissions from the European Union are expected to
drop by 3.8%, thanks to significant investments and growth in renewable energies coupled with lower
economic activity.

According to the Climate scientists, currently, atmospheric CO2 levels are projected to reach 422.5 parts
per million (ppm) by the end of this year, which is 52% higher than levels recorded before the industrial
revolution. Such levels are alarming, as they not only continue to push global temperatures closer to the
1.5°C limit specified by the Paris Agreement but also threaten to breach it entirely within the next six years
if emissions do not rapidly decline.

Despite signs of progress at the country level, such as rising proportions of renewable energy sources and
electric vehicles, the report indicates much work lies ahead.

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