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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on March 2, 2023

    Featured image for article about Top Stories

    By Susanna Twidale

    LONDON (Reuters) – Global energy-related emissions of carbon dioxide hit a record high last year, although more clean technology such as solar power and electric vehicles helped limit the impact of increased coal and oil use, the International Energy Agency (IEA) said on Thursday.

    Deep cuts in emissions, mainly from burning fossil fuels, will be needed over the coming years if targets to limit a global rise in temperatures and prevent runaway climate change are to be met, scientists have said.

    “We still see emissions growing from fossil fuels, hindering efforts to meet the world’s climate targets,” IEA Executive Director Fatih Birol said in a release alongside the report.

    The report by the Paris-based watchdog comes just weeks after major fossil fuel producers such as Chevron, Exxon Mobil and Shell reported record profits, with BP also rowing back on plans to slash oil and gas output and reduce emissions.

    “International and national fossil fuel companies are making record revenues and need to take their share of responsibility,” Birol said.

    Global emissions from energy rose by 0.9% in 2022 to a record 36.8 billion tonnes, the IEA analysis showed.

    Carbon dioxide (CO2) emissions from coal grew by 1.6% last year with many countries turning to the more polluting fuel after Russia’s invasion of Ukraine and a reduction in Russian gas supply to Europe sparked record high gas prices.

    CO2 emissions from oil rose by 2.5% but remained below pre-pandemic levels the report said.

    Around half of the increase in oil-related emissions was due to a rise in air travel which was rebounding from a low during the pandemic.

    Lower output from nuclear power plants and extreme weather events including heatwaves also contributed to the increase in energy related emissions, the IEA said.

    Emissions were partly offset, however, by a rise in renewable power sources like wind and solar, energy efficiency measures and electric vehicles. These avoided an additional 550 million tonnes of CO2 emissions last year, the IEA said.

    (Reporting By Susanna Twidale; Editing by Toby Chopra)

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