As natural gas prices have soared around the world, countries have been forced to turn to coal which has led to an increase in global emissions.
- Oct 06, 2022, 9:00 AM CDT
Droughts and heat waves hit hydropower generation hard this year, further hurting global attempts to reduce emissions.Much of the world is experiencing an energy shortage that is feeding inflation and hampering economic growth. As a result of this energy shortage, coal demand has bounced back and driven global emissions higher. It isn’t all bad news though, with plenty of low-emissions energy sources coming online as well.
Yet even Ember has acknowledged that the return to coal is already boosting emissions. This return was prompted by the gas price crisis that started in Europe but has now spread to Asia and is beginning to be felt in the U.S. as well. As part of tackling record gas prices, countries have turned to coal as a cheaper alternative. And coal is the highest emitter among fossil fuels.
Droughts and heat waves were not limited to China, either. Droughts in Europe aggravated France’s problems with nuclear power generation, for example, and caused a drop in hydropower generation in California during the period of peak demand in the summer. Meanwhile, the International Monetary Fund came out with a report saying that although the short-term costs of the energy transition would be substantial, they would be nothing compared to the long-term costs of not having the transition. And the sooner the transition happens, the cheaper it will be.
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