• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Environmentclimate change

Worldwide carbon emissions from fossil fuels will hit a new record in 2023 despite push for net zero

By
Eric Roston
Eric Roston
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Eric Roston
Eric Roston
and
Bloomberg
Bloomberg
Down Arrow Button Icon
December 4, 2023, 8:09 PM ET
Carbon emissions from fossil fuels are up this year.
Carbon emissions from fossil fuels are up this year. HUM Images/Universal Images Group/Getty Images

The Global Carbon Project, an international collaboration of scientists, estimates that worldwide carbon dioxide emissions from burning fossil fuels will rise 1.1% this year over 2022, to 36.8 billion metric tons. That’s a new peak and 1.4% higher than the level in 2019, prior to the Covid-19 pandemic. 

The planet is on track to exceed its carbon budget for 1.5C of warming around 2030, and the budget for 1.7C in 15 years, according to the group’s Global Carbon Budget annual report, released as talks continue at the COP28 climate conference in Dubai. 

The 2023 estimate marks a slowdown in emissions’ upward trend, but what’s needed is a consistent drop — of roughly 9% a year, says the United Nations Environment Program — for the world to have a shot at keeping global heating below the 1.5C target in the Paris Agreement. (Emissions fell 5.4% during the pandemic in 2020 before starting to rise again. )

Fossil-fuel emissions have declined in more than two dozen countries, which are collectively responsible for more than a quarter of the world’s total. But their progress wasn’t enough to contain an overall climb in 2023. 

The European Union’s emissions dropped 7.4% this year on declining fossil-fuel use. But India surpassed the EU as the world’s third-biggest emitter, driven by a 9.5% increase in coal, 5.6% jump in oil and 8.8% rise in cement CO2. 

China remains the world’s emissions juggernaut, responsible for 31% of carbon emissions. The US, the largest emitter historically, trails China at 14%.

The increased fossil-fuel use comes even as renewable energy has become a mature industry. “Even that rapid growth in renewables has not been sufficient by itself to push out the fossil fuels,” said Glen Peters, senior researcher at the CICERO Centre for International Climate Research in Norway and a report author. “In my mind, that just really clarifies that if you want to get the fossil fuels out, you have to have policies which get the fossil fuels out.” 

Coal plant closures, fuel-switching and renewables in the US led to an 18.3% decline in coal use, bringing it down to its 1903 level. The EU saw a drop of similar magnitude.

When changes to land use are included, the estimated 2023 emissions total rises to 40.9 billion tons. Deforestation is responsible for 4.2 billion tons of carbon a year for the last decade. That’s 2.2 times the amount of CO2 absorbed by new or healthier forests.

For the first time in this year’s report, the Global Carbon Project breaks out emissions related to aviation and shipping, which are up 28% and 1% year on year, as air transport  in particular recovers from the pandemic. 

After an unprecedented fire season in Canada, the scientists also offer an analysis of global wildfire emissions, which reached as high as 8 gigatons, or a third higher than the 2013-2022 average for the first 10 months of the year. That’s equivalent to about 70% of China’s emissions from burning fossil fuels. 

Four of the report’s authors collaborated with other researchers on a separate study, published Monday in the journal Nature Climate Change. It challenges a critical assumption in debates over the potential role of technologies that remove some CO2 from the atmosphere. 

Carbon removal has been a major subject of discussion at COP28, with some scientists saying it will be necessary to limit global heating, if not a substitute for curbing greenhouse gas emissions. 

There’s not necessarily a one-to-one relationship between emitting and absorbing carbon, for four reasons, the study says.

First, there’s the problem of “permanence,” or the concern that carbon removed by plants or oceans may return to the atmosphere. Second, reforestation — while a major goal of many countries and advocates — can darken the color of land, thereby attracting more light and heat to the ground. Third, a drawdown of CO2 could have the perverse effect of increasing emissions of nitrous oxide and methane, two powerful greenhouse gases.

Finally, there’s an “asymmetry” between the carbon flow and the temperature’s response. In other words, the temperature reduction from removing carbon may be less than the heat retained when it was in the atmosphere. 

The authors are right to point out the differences between removing CO2 and not emitting it to begin with, said Kate Marvel, senior climate scientist at Project Drawdown, who was not involved in the research. “If we plant a bunch of trees, or hack the ocean, to take up more carbon, we have to worry about when that carbon will be released back into the atmosphere,” she said. That’s “something we don’t have to think about if we never emit that carbon at all.” 

“What goes up and what goes down are not necessarily equal,” said Peters, who is also a co-author of the Nature Climate Change paper. “Net zero is tougher than what you may think. I guess that’s one way of putting it.”

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By Eric Roston
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Environment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Environment

North AmericaSkiing
Skiers paid $1,165 to join a guided tour that left 8 dead and 1 missing in a California avalanche
By Christopher Weber and The Associated PressFebruary 18, 2026
10 hours ago
EnvironmentConservation
Florida animal behaviorists’ “ridiculous idea” to administer eye drops save a Zimbabwean rhino with bleeding eyes
By Cody Jackson, David Fischer and The Associated PressFebruary 18, 2026
11 hours ago
EnvironmentProcter & Gamble
Procter & Gamble thinks it’s unlocked the future of the $25 billion laundry industry. Meet the Tide evo tile, a waterless detergent pod
By Matty Merritt and Morning BrewFebruary 18, 2026
12 hours ago
NewslettersFortune Archives
Fortune Archives: Pivot to coal
By Indrani SenFebruary 15, 2026
4 days ago
PoliticsGavin Newsom
Newsom pleads with U.S. allies in Europe to see Trump as temporary
By Maria Paula Mijares Torres and BloombergFebruary 14, 2026
4 days ago
EnergyFusion
Sam Altman’s fusion startup Helion Energy hits 150 million degree plasma temperature—a milestone that could bring first grid power in 2028
By Jordan BlumFebruary 13, 2026
6 days ago

Most Popular

placeholder alt text
AI
Thousands of CEOs just admitted AI had no impact on employment or productivity—and it has economists resurrecting a paradox from 40 years ago
By Sasha RogelbergFebruary 17, 2026
2 days ago
placeholder alt text
Personal Finance
You need $2 million to retire and 'almost no one is close,' BlackRock CEO warns, a problem that Gen X will make 'harder and nastier'
By Sydney LakeFebruary 17, 2026
2 days ago
placeholder alt text
Economy
Top Trump advisor furious about true cost of tariffs being revealed, vows to punish New York Fed for ‘worst paper’ ever in history
By Jake AngeloFebruary 18, 2026
12 hours ago
placeholder alt text
Economy
Trump crackdown drives 80% plunge in immigrant employment, reshaping labor market, Goldman says
By Nick LichtenbergFebruary 17, 2026
1 day ago
placeholder alt text
Personal Finance
Current price of silver as of Tuesday, February 17, 2026
By Joseph HostetlerFebruary 17, 2026
2 days ago
placeholder alt text
Personal Finance
Current price of silver as of Wednesday, February 18, 2026
By Joseph HostetlerFebruary 18, 2026
19 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.