China is cooking the planet


The IEA released its annual CO2 data for 2023 last Friday. The news is not all bad with some tailing off in the trend:

However, DM efforts are not yet offsetting EM surges, most notably in China:

The landscape of emissions continues to change. China’s total CO2 emissions exceeded those of the advanced economies combined in 2020, and in 2023 were 15% higher. India surpassed the European Union to become the third largest source of global emissions in 2023. Countries in developing Asia now account for around half of global emissions, up from around two-fifths in 2015 and around one‑quarter in 2000. China alone accounts for 35% of global CO2 emissions. Advanced economies continue to have relatively high per capita emissions, at about 70% higher than the global average in 2023. India’s per capita emissions remain less than half of the global average, at around 2 tonnes. Per capita emissions in the European Union have fallen strongly and are now only around 15% higher than the global average and around 40% below those of China. China’s per capita emissions exceeded those of the advanced economies as a group in 2020 and are now 15% higher; 2023 represented the first time that they surpassed those of Japan, although they remain one-third lower than those of the United States.


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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.