Global Carbon Project Report

On 13th November 2024, a Global Carbon Project study released at COP29 in Baku indicated a significant rise in India’s fossil fuel CO2 emissions, projecting a 4.6% increase, marking the highest growth among major economies.

Key Points

Overall Emissions Growth: India’s CO2 emissions are set to grow by 4.6%, driven by coal (4.5%), oil (3.6%), natural gas (11.8%), and cement (4%) sectors. Globally, CO2 emissions from fossil fuels will reach 37.4 billion tonnes in 2024, up 0.8% from 2023.
Global Warming Implications: The report suggests that at this rate, there is a 50% chance of exceeding the 1.5°C warming threshold within six years, underlining the urgency of emissions control measures.
Comparison with Other Economies: India's contribution to global CO2 emissions stands at 8%, with China's emissions projected to grow by 0.2%, the U.S. by 0.6%, and the EU by 3.8%. China, the U.S., and the EU currently contribute 32%, 13%, and 7% to global CO2 emissions, respectively.
Carbon Sinks and Climate Impacts: Natural carbon sinks—land and oceans—absorb around half of human-driven CO2 emissions but are impacted by climate variability.
Oceans have absorbed 10.5 billion tonnes of CO2 yearly over the past decade, though ocean uptake has declined by 5.9% due to altered winds and warming waters.
Effects of El Niño: In 2023, El Niño conditions reduced land CO2 absorption, though recovery is expected as El Niño concluded by mid-2024.