Page 5 - AsiaElec Week 10 2022

AsiaElec COMMENTARY AsiaElec

sector.
Despite the rebound in coal use, renewable than economic growth at 8.4%. This increase in
energy sources and nuclear power provided a demand of almost 700 TWh was the largest ever
higher share of global electricity generation than experienced in China.
coal in 2021. With demand growth outstripping the
Renewables-based generation reached an increase in supply from low emissions sources,
all-time high, exceeding 8,000 TWh in 2021, a coal was used to meet more than half of the rise
record 500 TWh above its 2020 level. in electricity demand. This was despite the coun-
Output from wind and solar PV increased try also seeing its largest ever increase in renewa-
by 270 TWh and 170 TWh respectively, while ble power output in 2021.
hydro generation declined due to the impacts of CO2 emissions in India rebounded strongly
drought, notably in the US and Brazil. in 2021 to rise above 2019 levels, driven by
The use of coal for electricity generation in growth in coal use for electricity generation.
2021 was intensified by record high natural gas Coal-fired generation reached an all-time high
prices. The costs of operating existing coal power in India, jumping 13% above its 2020 level. This
plants across the US and many European power was partly because the growth of renewables
systems were considerably lower than those of slowed to one-third of the average rate seen over
gas power plants for the majority of 2021. the previous five years.
Gas-to-coal switching pushed up global However, the report noted that global eco-
CO2 emissions from electricity generation by nomic output in advanced economies recovered
well over 100mn tonnes, notably in the US and to pre-pandemic levels in 2021, but CO2 emis-
Europe, where competition between gas and sions rebounded less sharply, signalling a more
coal power plants is tightest. permanent trajectory of structural decline.
Put simply, if China and India are removed
China from the equation, then emissions actually fall.
The rebound of global CO2 emissions above CO2 emissions in the US in 2021 were 4%
pre-pandemic levels has largely been driven by below their 2019 level. In the European Union,
China, where they increased by 750mn tonnes they were 2.4% lower. In Japan, emissions
between 2019 and 2021. dropped by 3.7% in 2020 and rebounded by less
China was the only major economy to expe- than 1% in 2021.
rience economic growth in both 2020 and 2021. On a per capita basis, CO2 emissions in
The emissions increases in those two years in advanced economies have fallen to 8.2 tonnes
China more than offset the aggregate decline in on average and are now below the average of
the rest of the world over the same period. 8.4 tonnes in China, although wide differences
In 2021 alone, China’s CO2 emissions rose remain among advanced economies.
above 11.9bn tonnes, accounting for 33% of the However, on a global level the 6% increase in
global total. CO2 emissions in 2021 was in line with the jump
China’s rise in emissions resulted largely in global economic output of 5.9%.
from a sharp increase in electricity demand that This marks the strongest coupling of CO2
leaned heavily on coal power. emissions with GDP growth since 2010, when
With rapid GDP growth and additional global emissions rebounded by 6.1% while
electrification of energy services, electricity economic output grew by 5.1% as the world
demand in China grew by 10% in 2021, faster emerged from the Global Financial Crisis.™

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