2024 Global Greenhouse Gas Emissions Reach 57.7 Gigatons, Setting All-Time High

According to the 2024 Emissions Gap report released by the United Nations Environment Programme (UNEP), global greenhouse gas emissions reached an all-time high of 57.7 gigatons of carbon dioxide equivalent (CO2eq), marking a 2.3% increase from the previous year.

To limit the temperature rise to within 1.5 degrees as targeted by the Paris Agreement, emissions need to be reduced by 42% by 2030, but current trends suggest that achieving this goal will be difficult.

The UNEP report indicated that India recorded the largest absolute increase in emissions. However, India's carbon dioxide emission growth rate is 1.4%, which is a decrease compared to recent trends. It is analyzed that emissions have increased due to rising energy demand during rapid industrialization and economic growth.

The Indian government is focusing on securing critical minerals for energy transition. Recently, India introduced a new royalty system to promote domestic production of critical minerals. Critical minerals are essential resources for electric vehicle batteries and renewable energy technologies, and securing a stable supply chain has become a key issue for energy transition.

Transition of Emission Increases in Major Emitting Countries

In the United States and the European Union (EU), carbon dioxide emissions, which had been decreasing for several years, have turned back to an increasing trend. The top two greenhouse gas emitters, the United States and China, are criticized for their passive attitude towards setting carbon reduction targets.

South Korea ranks 17th in global greenhouse gas emissions. The government has proposed carbon reduction targets, but the industry has expressed concerns that rapid reductions could impose economic burdens.

The Paris Agreement has achieved some success in slowing the rate of emissions increase through Nationally Determined Contributions (NDCs), but the current emissions trend poses a threat to achieving the agreement's goals.

Strengthening Cooperation on Critical Minerals

Recently, South Korea and the United States agreed to strengthen cooperation in various fields such as shipbuilding, energy, semiconductors, pharmaceuticals, critical minerals, and artificial intelligence through a joint fact sheet. In particular, cooperation in the field of critical minerals is expected to be the foundation for securing a stable supply chain and sustainable energy transition.

Critical minerals are essential resources for manufacturing electric vehicle batteries and renewable energy facilities, including lithium, cobalt, and rare earth elements. Currently, China dominates a significant portion of the critical mineral supply chain, prompting major countries to pursue supply chain diversification.

As global greenhouse gas emissions continue to rise, stronger reduction efforts and international cooperation from each country are needed to achieve the Paris Agreement's 1.5-degree target.