In 2024, global energy-related carbon emissions surged by 0.8% year-on-year, reaching a record-breaking 37.8 gigatonnes (Gt), according to a recent report by the International Energy Agency (IEA).

The increase in emissions was largely driven by a 1% rise in CO2 emissions from fuel combustion, equating to 357 million tons, while emissions from industrial processes saw a decline of 2.3%, or 62 million tons. Despite this increase, emissions growth was lower than global GDP growth, which was 3.2% in 2024, marking a return to the decoupling of emissions growth from economic expansion, a trend disrupted in 2021.

Emissions patterns varied across regions in 2024. While emerging and developing countries, as well as international aviation and marine bunkering, saw an uptick in emissions, the decline in developed nations, such as the EU, Japan, and the USA, was not enough to offset the global rise.

In transition and developing economies, energy-related carbon emissions grew by 1.5% year-on-year. In China, emissions increased by about 0.4% during the year, with most of the growth occurring in the first quarter. This growth was fueled by factors like extreme heatwaves, economic stimulus measures, industrial expansion, and a rebound in the residential and service sectors. However, the country's rapid development of clean energy, especially wind and solar power, helped mitigate the overall impact.

China is also expanding its emissions trading system to include industries such as steel, cement, and aluminum. This move will require an additional 1,500 companies to purchase carbon credits, pushing the total amount of covered carbon dioxide emissions to 8 billion tons, or more than 60% of the country's total emissions.