Carbon emissions this year likely to be second biggest in history: IEA

The International Energy Agency warned that the level of carbon dioxide emissions this year is expected to make the biggest leap, witnessing the second largest rise in the history.

Despite commitments to reduce emission by the governments, major companies across the globe have been seen investing more in fossil fuels in order to offset the COVID pandemic induced economic crisis.

Expressing shock and disappointment to the Guardian, Fatih Birol, the executive director of the IEA said that the huge investments in the fossil fuels was leading to the second biggest emissions rise in history.

According to The Guardian report, the IEA has warned that this emission surge "will put climate hopes out of reach unless governments act quickly." There is a surge in the use of coal for energy generation across Asia and the US despite declining prices for renewable energy. The Guardian claims that renewable energy is cheaper than coal. Guardian further says that according to scientists, to stem the global heating at 1.5C this decade, the emissions need to be cut by 45%.

That the scale of current emissions rebound from the Covid-19 crisis means we do not have a good start for the decade in terms of checking it, said Birol.

Birol said that he is more disappointed than the emission levels post-financial crisis in 2010. He recalled that the emissions level surged 6% that year, and he thinks that we are repeating the same mistakes now.