ENERGY STAR and the Green Climate Fund have released a report on the global energy sector, revealing that global CO2 emissions are at record levels.
The report, Energy: Rising or Falling?, was released at the Climate Week summit in Washington on Tuesday (September 26).
It focuses on energy companies in the global economy, and the need to cut carbon emissions.
In particular, it points to the huge gap between what energy companies actually produce and the amount of CO2 they emit.
In the United States, the report says, CO2 output per energy consumer has dropped by about 10% over the last three decades.
But that gap is widening globally, with the United Kingdom, Germany, Italy and Spain all falling below their peak emissions levels in 2030.
In Australia, COII emissions are set to increase by about 15% by 2035, it says.
While the United Nations climate talks are set for Paris in December, the Climate Weekly newsletter, published on Monday, also highlighted a number of trends and the importance of cutting CO2.
It highlighted the UK as a signatory to the Paris Agreement, and it highlighted the role of energy companies, as it has in the past.
“In the UK, for example, the carbon emissions from coal are up more than 400% in the last 20 years,” it said.
“The UK’s energy sector is currently underfunded by its own resources.”
With a climate debt of £1 trillion, this will soon become an unsustainable debt.
“This means the UK’s electricity sector will have to absorb even more of the cost of carbon emissions in the years to come.”
A UK carbon debt of just £20 billion by 2032 is more than five times the current level of UK carbon emissions, and will need to be financed by a range of energy sources, including new, renewable energy, and carbon capture and storage.
“Energy sector in a nutshell: A comparison of global energy and carbon emissionsSource: Climate Weekly