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Worldwide carbon emissions from fossil fuels will hit a new hit record in 2023 despite push for net zero

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Fortune or enjoy below:

🗞️ Driving the news: Global carbon dioxide emissions from burning fossil fuels are projected to rise by 1.1% in 2023 to 36.8 billion metric tons, surpassing pre-pandemic levels  
• This increase, reported by the Global Carbon Project, comes despite some nations reducing their emissions.

🔭 The context: Emissions had fallen 5.4% during the pandemic in 2020 but have since begun to rise again. While over two dozen countries have seen a decline in fossil-fuel emissions, global levels continue to climb
• The European Union saw a 7.4% drop in emissions, but India's increase in coal, oil, and cement CO2 pushed it past the EU as the third-largest emitter.

🌍 Why it matters for the planet: The current trajectory puts the planet at risk of exceeding its carbon budget for 1.5C warming around 2030
• The rise in emissions comes despite the growth of renewable energy, highlighting the need for targeted policies to reduce fossil fuel use.

⏭️ What's next: Continued discussions and actions are expected at the COP28 climate conference. The focus is on balancing emissions reduction with technological advancements in carbon removal, considering the complex dynamics of carbon absorption and its impact on climate change.

💬 One quote: Glen Peters, a report author, emphasized, "If you want to get the fossil fuels out, you have to have policies which get the fossil fuels out."

📈 One stat: When including land-use changes, the estimated total emissions for 2023 rise to 40.9 billion tons, with deforestation accounting for 4.2 billion tons annually over the past decade.

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