The Facts
An International Energy Agency (IEA) report released on Thursday said global energy-related emissions of carbon dioxide rose by 0.9% in 2022 to a record 36.8B tons.
Carbon dioxide is produced by burning fossil fuels — oil, coal, or natural gas — to power vehicles, homes, and factories, and is a greenhouse gas.
The Spin
Narrative A
Fossil fuel consumption has put the world on the road to ruin, and there’s no sign of it stopping. China and Europe slowed their industrial production last year, but if they resume at previous levels, there will be even more carbon emitted and less chance of saving the planet. This report is a very serious development.
Narrative B
For all those predicting doom for the world, this report shows that market forces are pushing renewable-energy sources to the fore, and they prevented a larger increase in carbon emissions than what occurred. As it turns out, as fossil fuels have increased in price, renewables have become a popular alternative. Natural market forces are working well when it comes to carbon dioxide emissions and the energy sector.
