China’s Covid Comeback Is Bad News for Climate as Emissions Rise
(Bloomberg) -- China was likely the only major economy that grew last year after swiftly containing the coronavirus. It's also the only major economy that saw carbon emissions rise.
In December, emissions surpassed 2019 levels for the first time all year, according to data from Carbon Monitor, a collaborative effort between researchers in China, Europe and the U.S. that offers near real-time monitoring. That lifted total emissions in the country for 2020 to 10.5 billion metric tons of carbon dioxide, 0.5% higher than the year before.
The increase comes as global emissions likely dropped by 4.4% in 2020, according to Carbon Monitor, with declines in Brazil running to about 10% and nearly 13% in the U.S. China's emissions dropped 11% in the first quarter, during its intense pandemic lockdown, as gross domestic product shrank 6.8% from a year earlier.
Carbon Monitor's research captures emissions from burning fossil fuels and from cement production. Its estimates are subject to change as more data becomes available.
The emissions comeback underscores the challenge China and the rest of the world face as they balance economic revival and long-term climate goals. Because it was the first country to encounter and contain the virus, China's pandemic path has often foreshadowed the experiences of other countries.
Read more: China's Growth Beats Estimates as Economy Powers Out of Covid
China's recovery picked up speed last month, putting it further ahead of rivals. Industrial production surged in the fourth quarter, with the country producing more than 1 billion tons of crude steel in 2020, an annual record.
The nation's long-term climate plans including hitting peak emissions by 2030 at the latest, and reaching net-zero emissions by 2060. Reaching that will require an overhaul of its mostly coal-based power sector, which contributed nearly half of the country's emissions in 2020, according to Carbon Monitor data.
©2021 Bloomberg L.P.
With assistance from Bloomberg
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.