DNV: Global CO2 emissions related to energy will peak in this year.

A report from consultancy DNV on Wednesday suggested that global carbon dioxide (CO2) emission levels will peak in this year, due to the falling cost of solar and batteries. This is encouraging less oil and coal-fired energy use.

Why it's important

Experts and climate scientists said that global C02 emissions reached a record high in 2018. This makes the goal of limiting warming to 1.5 degrees Celsius more difficult to achieve.

DNV stated that even if emissions peaked this year, the cumulative effect would mean a warming of around 2.2C in this century.

By the Numbers

Solar photovoltaics (PV) are booming. Solar installations will increase by 80% in 2023 to 400 gigawatts and costs are expected to be cheaper than coal. Battery prices are also falling, making solar power and storage more affordable.

Batteries prices dropped by 14% in the last year, and they are expected to continue falling. This will make electric cars cheaper.

China is still the largest coal consumer and CO2 emitter in the world, but last year it was responsible for 63% of all new electric vehicle purchases and 58% of solar installations worldwide.

As it continues to install solar and wind, its dependence on fossil fuels will fall rapidly.

KEY QUOTE

DNV group president and CEO Remi Eriksen said, "Solar PV, and batteries, are driving the energy transformation, growing even more quickly than we had previously predicted."

"Emissions peaked is a landmark for humanity." "We must now focus our attention on how fast emissions will decline, and use available tools to speed up the energy transition", he said.

CONTEXT

According to current trends, BP's annual energy outlook report forecasts that CO2 emissions in the energy sector will peak by the middle of the decade.

Shell believes that CO2 emissions due to energy use, industrial processes, and land use will peak at 10% more than 2010 levels in 2030. (Reporting and editing by Hugh Lawson; Nina Chestney)

(source: Reuters)