Report: CO2 emissions halved in 2008

29/06/2009

The combination of record-high crude prices and the global financial crisis caused total CO2 emissions growth to halve over the course of 2008, according to the Netherlands Environmental Assessment Agency.

"In the US, where petrol prices almost doubled in the summer of 2008, compared to 2007 levels, oil consumption dropped significantly, showing a seven per cent decrease," the group claimed.

A new report from the group showed that while emissions increased 3.3 per cent in 2007 over the previous year, output growth for 2008 stood at 1.7 per cent.

The agency explained that record prices for commodities crude and associated distillates such as heating oil, gasoline and DERV both contributed to the reduction in CO2 emissions, while the developments in alternative energy technologies also helped to reduce the amount of carbon entering the atmosphere.

The group has also been preparing a briefing setting out a strategy to meet global emissions reduction targets for 2050.