Global Economy Improving, but Progress on Emission Reductions too Slow

Bogor, May 21, 2018

A new report from the UN as cited from unfccc.int page (16/5) shows that while the short-term prospects of the world economy are increasing. World's gross product is expected to increase by 3.2 percent in 2018 and 2019.

The study by the UN's Department of Economic and Social Affairs points towards a 1.4 percent increase of energy-related carbon dioxide emissions in 2017 due to a combination of accelerated economic growth, relatively cheap fossil fuels and weak energy efficiency efforts.

The authors of the report "World Economic Situation and Prospects as of mid-2018" said that "progress in decoupling emissions growth from GDP growth in some developed economies is still manifestly insufficient. The rate of increase in global energy efficiency has slowed since 2015, reaching 1.7 percent by 2017" - half the rate required to remain on track with the Paris Agreement.

Improving energy efficiency and a radical shift to low carbon for the world's markets is integral to meeting the objectives set forth by the Paris Agreement. The authors of the report say that several steps to align the energy efficiency gains with the goals of the Paris Agreement namely the reform of fossil fuel subsidies and taxes, deploying renewable energy technology, and decreasing the cost of renewable energy generation. According the report, reform of fossil fuel policy could increase the rate of energy efficiency gains.

Previously, it has been reported that 2016 and 2017 are the two warmest years recorded.

 

Source: unfccc.int (160518)