Global energy-related carbon emissions rose 6 per cent in 2021 to reach their highest level yet as coal use increased amid a rise in economic activity, a new report said.
Emissions rose to 36.3 billion tonnes last year, offsetting most of the previous year’s coronavirus pandemic-induced decline, the International Energy Agency (IEA) said.
Rising natural gas prices at a time of surging energy demand led to increased use of coal although renewables registered the highest growth.
"The numbers make clear that the global economic recovery from the Covid-19 crisis has not been the sustainable recovery that IEA executive director Fatih Birol called for during the early stages of the pandemic in 2020," the agency said in a statement.
"The world must now ensure that the global rebound in emissions in 2021 was a one-off – and that an accelerated energy transition contributes to global energy security and lower energy prices for consumers."
Coal accounted for 40 per cent of the carbon dioxide emissions last year, reaching an all-time high of 15.3 billion tonnes. Emissions from natural gas rebounded to pre-pandemic levels to 7.5 billion tonnes, while carbon dioxide emissions from oil were well below the 2019 level as transport sector activity remained soft.
China contributed the bulk of emissions in 2020 and 2021 as its economy rebounded from the coronavirus. Emissions increased by 750 million tonnes between 2019 and 2021 to more than 11.9 billion tonnes and accounted for 33 per cent of the global total.
The rise in emissions was partly the result of a 10 per cent growth in power demand, which outstripped the country's economic growth.
Meanwhile, emissions in India too recovered strongly last year to reach pre-pandemic levels, fuelled by rising coal use, the IEA said.
"Coal-fired generation reached an all-time high in India, jumping 13 per cent above its 2020 level. This was partly because the growth of renewables slowed to one-third of the average rate seen over the previous five years."
Carbon emissions in the US were 4 per cent below the pre-pandemic levels, while in the EU they were 2.4 per cent lower.
Even as emissions touched a record level, 2021 also saw renewables-based generation reaching an all-time high. Nearly 8 000 terawatt-hours (TWh) were generated through renewables last year with output from wind and solar PV increasing by 270 TWh and 170 TWh, respectively.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Tentative schedule of 2017/18 Ashes series
1st Test November 23-27, The Gabba, Brisbane
2nd Test December 2-6, Adelaide Oval, Adelaide
3rd Test Dcember 14-18, Waca, Perth
4th Test December 26-30, Melbourne Cricket Ground, Melbourne
5th Test January 4-8, Sydney Cricket Ground, Sydney
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
WTL%20SCHEDULE
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports