Green
All the World’s Carbon Emissions in One Chart
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All the World’s Carbon Emissions in One Chart
Two degrees Celsius may not seem like much, but on our planet, it could be the difference between thriving life and a disastrous climate.
Over two centuries of burning fossil fuels have added up, and global decision-makers and business leaders are focusing in on carbon emissions as a key issue.
Emissions by Country
This week’s chart uses the most recent data from Global Carbon Atlas to demonstrate where most of the world’s CO₂ emissions come from, sorted by country.
| Rank | Country | Emissions in 2017 (MtCO₂) | % of Global Emissions |
|---|---|---|---|
| #1 | 🇨🇳 China | 9,839 | 27.2% |
| #2 | 🇺🇸 United States | 5,269 | 14.6% |
| #3 | 🇮🇳 India | 2,467 | 6.8% |
| #4 | 🇷🇺 Russia | 1,693 | 4.7% |
| #5 | 🇯🇵 Japan | 1,205 | 3.3% |
| #6 | 🇩🇪 Germany | 799 | 2.2% |
| #7 | 🇮🇷 Iran | 672 | 1.9% |
| #8 | 🇸🇦 Saudi Arabia | 635 | 1.8% |
| #9 | 🇰🇷 South Korea | 616 | 1.7% |
| #10 | 🇨🇦 Canada | 573 | 1.6% |
| #11 | 🇲🇽 Mexico | 490 | 1.4% |
| #12 | 🇮🇩 Indonesia | 487 | 1.3% |
| #13 | 🇧🇷 Brazil | 476 | 1.3% |
| #14 | 🇿🇦 South Africa | 456 | 1.3% |
| #15 | 🇹🇷 Turkey | 448 | 1.2% |
| 🌐 Top 15 | 26,125 | 72.2% | |
| 🌐 Rest of World | 10,028 | 27.7% |
In terms of absolute emissions, the heavy hitters are immediately obvious. Large economies such as China, the United States, and India alone account for almost half the world’s emissions. Zoom out a little further, and it’s even clearer that just a handful of countries are responsible for the majority of emissions.
Of course, absolute emissions don’t tell the full story. The world is home to over 7.5 billion people, but they aren’t distributed evenly across the globe. How do these carbon emissions shake out on a per capita basis?
Here are the 20 countries with the highest emissions per capita:
Source: Global Carbon Atlas. Note: We’ve only included places with a population above one million, which excludes islands and areas such as Curaçao, Brunei, Luxembourg, Iceland, Greenland, and Bermuda.
Out of the original 30 countries in the main visualization, six countries show up again as top CO₂ emitters when adjusted for population count: Saudi Arabia, the United States, Canada, South Korea, Russia, and Germany.
The CO₂ Conundrum
We know that rapid urbanization and industrialization have had an impact on carbon emissions entering the atmosphere, but at what rate?
Climate data scientist Neil Kaye answers the question from a different perspective, by mapping what percentage of emissions have been created during your lifetime since the Industrial Revolution:
| Your Age | % of Total Global Emissions |
|---|---|
| 15 years old | You've been alive for more than 30% of emissions |
| 30 years old | You've been alive for more than 50% of emissions |
| 85 years old | You've been alive for more than 90% of emissions |
Put another way, the running total of emissions is growing at an accelerating rate. This is best seen in the dramatic shortening between the time periods taken for 400 billion tonnes of CO₂ to enter the atmosphere:
- First period: 217 years (1751 to 1967)
- Second period: 23 years (1968 to 1990)
- Third period: 16 years (1991 to 2006)
- Fourth period: 11 years (2007 to 2018)
In order to be a decarbonised economy by 2050, we have to bend the (emissions) curve by 2020… Not only is it urgent and necessary, but actually we are very nicely on our way to achieving it.
— Christiana Figueres, Convenor of Mission 2020
Green
How Carbon Credits Can Help Close the Climate Funding Gap
To keep a 1.5℃ world within reach, global emissions need to fall by as much as 45% by 2030, and carbon credits could help close the gap.
How Carbon Credits Can Help Close the Climate Funding Gap
Governments around the world have committed to the goals of the Paris Agreement, but their climate pledges are insufficient. To keep a 1.5℃ world within reach, global emissions need to fall by as much as 45% by 2030.
Bold and immediate action is essential, but so are resources that will make it happen.
In this graphic, we have partnered with Carbon Streaming to look at the role that the voluntary carbon market and carbon credits can play in closing that gap.
More Funds are Needed for Climate Finance
According to data from the Climate Policy Initiative, climate finance, which includes funds for both adaptation and mitigation, needs to increase at least five-fold, from $1.3T in 2021/2022, to an average $8.6T annually until 2030, and then to just over $10T in the two decades leading up to 2050.
That adds up to a very large number, but consider that in 2022, $7.0T went to fossil fuel subsidies, which almost covers the annual estimated outlay. And the world has shown that when pressed, governments can come up with the money, if the global pandemic is any indication.
Mobilizing Carbon Finance to the Developing World
But the same cannot be said of the developing world, where debt, inequality, and poverty reduce the ability of governments to act. And this is where carbon credits can play an important role. According to analyses from Ecosystem Marketplace, carbon credits help move capital from developed countries, to where funds are needed in the developing world.
For example, in 2019, 69.2% of the carbon credits by volume in the voluntary carbon market were purchased by buyers in Europe, and nearly a third from North America. Compare that to over 90% of the volume of carbon credits sold in the voluntary carbon market in 2022 came from projects that were located outside of those two regions.
Carbon Credits Can Complement Decarbonization Efforts
Carbon credits can also complement decarbonization efforts in the corporate world, where more and more companies have been signing up to reduce emissions. According to the 2022 monitoring report from the Science Based Targets initiative, 4,230 companies around the world had approved targets and commitments, which represented an 88% increase from the prior year. However, as of year end 2022, combined scope 1 and 2 emissions covered by science-based targets totaled approximately 2 GtCO2e, which represents just a fraction of global emissions.
The fine print is that this is just scope 1 and 2 emissions, and doesn’t include scope 3 emissions, which can account for more than 70% of a company’s total emissions. And as these emissions come under greater and greater scrutiny the closer we get to 2030 and beyond, the voluntary carbon credit market could expand exponentially to help meet the need to compensate for these emissions.
Potential Carbon Credit Market Size in 2030
OK, but how big? In 2022, the voluntary carbon credit market was around $2B, but some analysts predict that it could grow to between $5–250 billion by 2030.
| Firm | Low Estimate | High Estimate |
|---|---|---|
| Bain & Company | $15B | $30B |
| Barclays | N/A | $250B |
| Citigroup | $5B | $50B |
| McKinsey & Company | $5B | $50B |
| Morgan Stanley | N/A | $100B |
| Shell / Boston Consulting Group | $10B | $40B |
Morgan Stanley and Barclays were the most bullish on the size of the voluntary carbon credit market in 2030, but the latter firm was even more optimistic about 2050, and predicted that the voluntary carbon credit market could grow to a colossal $1.5 trillion.
Carbon Streaming is Focused on Carbon Credit Integrity
Ultimately, carbon credits could have an important role to play in marshaling the resources needed to keep the world on track to net zero by 2050, and avoiding the worst consequences of a warming world.
Carbon Streaming uses streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to advance global climate action and UN Sustainable Development Goals.
Learn more at www.carbonstreaming.com.
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