Global Carbon Budget report

Current Context :  Recently, Global Carbon Budget report is published by Global Carbon Project during U.N.’s COP 29 climate summit.

Relevant data about Report :

• Emissions and Temperature Targets: Current CO2 emission levels indicate a 50% likelihood that global temperatures may surpass the 1.5°C limit set by the Paris Agreement within six years. This year could see this threshold crossed for the first time.
• CO2 Emissions from Fossil Fuels: Global emissions from fossil fuel use are expected to hit a record 37.4 billion tonnes in 2024, a 0.8% rise from 2023.
• Top Contributors: In 2023, the main sources of global CO2 emissions were:
• China: 31%
• USA: 13%
• India: 8%
• European Union: 7%

Global Impact: These four regions contributed 59% of emissions, while the remaining world accounted for 41%.

About Global Carbon Project (GCP)

• Established: 2001.
• Objective: Tracks global carbon emissions and CO2 absorption to gauge progress toward meeting climate targets set by the Paris Agreement.
• Publications: Releases annual global budgets for key greenhouse gases: carbon dioxide, methane, and nitrous oxide.