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2024 was hottest year on record: EU’s Copernicus

  • : Emissions
  • 25/01/10

Last year was the hottest year globally since records began in 1850, and the first calendar year to breach the 1.5°C temperature limit sought by the Paris climate agreement, EU earth-monitoring service Copernicus said today.

The global average surface air temperature in 2024 was 15.10°C — 0.12°C higher than previous hottest year 2023 and 0.72°C higher than the 1991-2020 average, Copernicus found.

The global average temperature in 2024 was 1.6°C higher than an estimate of the pre-industrial average, Copernicus data show — the first calendar year to breach the temperature limit pursued by the Paris accord. The two-year average for 2023-24 "also exceeds this threshold", Copernicus said. The Paris agreement seeks to limit the rise in temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C.

This "does not mean we have breached the limit set by the Paris agreement", which "refers to temperature anomalies averaged over at least 20 years", Copernicus said. But it "underscores that global temperatures are rising beyond what modern humans have ever experienced", the organisation added.

Each year of the past decade — 2015-24 — was one of the hottest ten years on record. And every month since July 2023, apart from July 2024, has breached the 1.5°C level, Copernicus data show.

Greenhouse gas (GHG) emissions "remain the main agent of climate change", director of Copernicus Atmosphere Monitoring Service Laurence Rouil said. GHG concentrations are the highest in at least 800,000 years, Copernicus said.

Atmospheric concentrations of key GHGs CO2 and methane "continued to increase and reached record annual levels in 2024", it said. CO2 stood at 422 parts per million (ppm) and methane at 1,897 parts per billion (ppb) in 2024 — 2.9ppm and 3ppb higher on the year, respectively, Copernicus data show. While the rate of increase in CO2 "was larger than the rate observed in recent years", the rate of increase in methane was "significantly lower than in the last three years", Copernicus said.

An international team of scientists said in November that carbon emissions from fossil fuels were projected to reach a fresh high in 2024, with "no sign" that these have peaked.

Global sea surface temperatures were also above average in 2024 and were a significant force behind the record high surface air temperatures, Copernicus said. Oceans absorb the majority of the world's excess heat. And the amount of water vapour in the atmosphere hit a fresh high in 2024, at around 5pc above the 1991-2020 average, Copernicus found. Climate change is worsening extreme weather events such as floods and storms, studies found. This "reflects the basic physics of climate change — a warmer atmosphere tends to hold more moisture, leading to heavier downpours", research groups World Weather Attribution and Climate Central said in December.


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25/02/05

Equinor Norwegian gas output up on year in 2024

Equinor Norwegian gas output up on year in 2024

London, 5 February (Argus) — Norwegian state-controlled Equinor's gas output on the Norwegian continental shelf (NCS) edged up on the year, driven by record-high output from the giant Troll field and fewer unplanned outages at NCS assets, the firm said on Wednesday. The firm's Norwegian gas output rose by 4pc on the year to 758,000 b/d of oil equivalent (boe/d) or 107mn m³/d in 2024. This was driven by "strong contributions" from the Troll and Johan Sverdrup fields, Equinor said. Gas production from Troll — in which Equinor holds a 31pc stake — reached an all-time high last year at roughly 116mn m³/d, the Norwegian producer has said. And there were fewer "unplanned losses" on the NCS last year than in 2023, Equinor said. The firm was the largest producer on the NCS in 2023, accounting for more than a third of total gas output on the shelf, the latest available data from the Norwegian Offshore Directorate show. Equinor's global gas output rose by 2pc to 985,000 boe/d or 139mn m³/d last year. But the firm's combined oil and gas global output was slightly lower in 2024, with a small increase in gas production insufficient to offset lower liquids output. Equinor's equity liquids production was 1.08mn boe/d in 2024, down by 3pc on the year. Equinor expects "more than 10pc growth from 2024-27" in oil and gas production, reaching a peak at 2.3mn boe/d in 2027. And the firm estimated that hydrocarbons output would grow by 4pc from 2024 to 2025. Equinor's reported Norwegian gas prices dropped by 22pc on the year to $9.47/mn Btu, or €31.01/MWh, in 2024, using Wednesday's exchange rate. And the average reported price for its US gas decreased by 4pc to $1.70/mn Btu, or €5.57/MWh. Equinor made a profit of $8.83bn in 2024, down by 26pc on the year. Profit was $1.99bn in the fourth quarter, 23pc lower on the year. The company has cut its 2030 expected renewables capacity to 10-12GW, from 12-16GW, noting that the pace of the energy transition is slower in some markets. It did not give a new target for capital expenditure allocation to this sector. Equinor also modified some net carbon intensity goals, setting ranges rather than absolute targets. By Georgia Gratton and Jana Cervinkova Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Equinor scales back renewables plan


25/02/05
25/02/05

Equinor scales back renewables plan

London, 5 February (Argus) — Norwegian state-controlled Equinor said today it has cut by up to 25pc its target for renewables capacity by 2030, and abandoned a plan to allocate half its capital expenditure (capex) to low carbon projects by that same year. The company has cut its 2030 expected renewables capacity to 10-12GW, from 12-16GW, noting that the pace of the energy transition is slower in some markets. It did not give a new target for capex allocation to this sector. Equinor also modified some net carbon intensity goals, setting ranges rather than absolute targets. It now plans to reduce net carbon intensity — which includes scope 3 emissions, from sold products — by 15-20pc by 2030 and by 30-40pc by 2035, from a 2019 baseline. The previous targets were at the higher end of these ranges. Equinor made a profit of $8.83bn in 2024, down by 26pc on the year. Profit was $1.99bn in the fourth quarter, lower on the year by 23pc. The company's oil and gas output was slightly lower in 2024, with a small increase in gas production not quite offsetting lower liquids output. Equinor's equity liquids production was 1.08mn b/d of oil equivalent (boe/d) in 2024, down by 3pc on the year, and its equity gas production rose by 2pc to 985,000 boe/d over the same timeframe. It expects "more than 10pc growth from 2024-27" in oil and gas production, and estimated that hydrocarbons output would grow by 4pc from 2024 to 2025. Liquids and gas prices fell in 2024. Equinor's reported Norwegian and US gas prices rose by 5pc and 26pc, respectively, on the year in the October-December period, but this was not enough to assuage a decrease across the year. The average reported price for its Norwegian gas dropped by 22pc on the year to $9.47/mn Btu in 2024, and the average reported price for its US gas decreased by 4pc to $1.70/mn Btu. Equinor reported an average liquids price of $74.1/bl in 2024, 1pc lower on the year. Its reported fourth-quarter 2024 liquids price fell by 10pc from the same period in 2023, to $68.5/bl. Equinor's power generation rose in 2024, boosted by additions in Brazil and Poland in 2023 and the start of the 531MW Mendubim solar plant in Brazil in 2024. Equinor's share of power generation stood at 4,917GWh in 2024, up by 19pc on the year — but its renewables share rose faster, by 51pc to 2,935GWh. Equinor has maintained its target of 30mn-50mn t/yr of CO2 storage by 2035. Equinor trimmed 600,000 t/CO2 equivalent (CO2e) from its absolute scope 1 and 2 — or operational — emissions over 2023-4. Scope 1 and 2 emissions from its operated production stood at 11mn t/CO2e in 2024. The company's upstream carbon intensity fell to 6.2kg CO2/boe in 2024, down by 7.5pc on the year. Equinor will buy back $5bn of shares in 2025, having bought $6bn in 2024. It completed the fourth $1.6bn tranche of its 2024 programme on 14 January and will launch the first tranche — of up to $1.2bn — of its 2025 programme on 6 February. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

California considers different paths to lower carbon


25/02/04
25/02/04

California considers different paths to lower carbon

Houston, 4 February (Argus) — California may need a different path to its climate goals but will continue to work to meet them, state Air Resources Board chairwoman Liane Randolph said today. President Donald Trump's hostility to the state's long-standing authority to drive tougher emissions standards led California regulators last month to pull proposed separate emissions requirements for vehicle fleets and locomotives. But the state will use other means to drive down transportation emissions, including from heavy vehicles, if federal authorities do not approve more direct methods, Randolph said at the BNEF Summit in San Francisco. "We are playing the long game," Randolph said. "We can't afford to let the political winds dictate too much of what we do to actually get those new technologies and build those new markets and get it out on the ground." The federal Clean Air Act allows California to set its own vehicle emissions standards, so long as they are tougher than federal requirements and receive a US Environmental Protection Agency waiver. Such regulations may be adopted by other states. California withdrew petitions for waivers for its Advanced Clean Fleets and In-Use Locomotive Standards rather than risk a denial under the new Trump administration. Advanced Clean Fleets required government fleets, drayage equipment and delivery fleets for businesses earning more than $50mn/yr in revenue to shift to zero-emissions vehicles. The locomotive regulation required rail carriers shift to lower-emission equipment and limit idling. The state also braced for challenges to previously approved regulations, including mandates requiring auto manufacturers to steadily increase the share of zero-emissions vehicles in the new vehicles offered to buyers in the state. California can use regional regulations through air quality districts in the state to help drive toward the same goals, Randolph said. Agreements with automakers and regulations already in place had already driven real change, she added. Revisions to the state's Low Carbon Fuel Standard (LCFS) and pending work on the state's cap-and-trade program could meanwhile deliver new incentives to support especially medium- and heavy-duty vehicle ZEV transitions, she said. "My plea to you all is to keep playing the long game and to recognize that these investments are paying off, will pay off," Randolph said. "If we have a clear line of sight to success, we can keep that momentum going and use that momentum to support the practical regulations that can be adopted at the state level and hopefully again at the federal level." By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU maritime emissions continue to rise: EMSA


25/02/04
25/02/04

EU maritime emissions continue to rise: EMSA

London, 4 February (Argus) — Greenhouse gas (GHG) emissions from the EU's maritime sector have continued to rise since 2015, the European Maritime Safety Agency (EMSA) found in its 2025 environmental report, although "promising progress" has been made in some areas. Maritime activity was responsible for 26pc of methane emissions and 39pc of NOx emissions in the EU transport sector in 2022, as well as for 14.2pc of CO2 emissions from the sector, the report said. Methane emissions from maritime "at least doubled" from 2018-23, the report found, pushed up by growth in the LNG fleet. NOx emissions rose by 10pc from 2015-23, while CO2 emissions totalled 137mn t in 2022, having risen by 8.5pc from a year earlier. But sulphur oxide (SOx) emissions fell by approximately 70pc in 2023 compared with 2014 levels, EMSA said. This was driven mainly by the implementation of Sulphur Emission Control Areas (SECAs) in the Baltic and North seas, while the tightening of maximum sulphur levels in marine fuel in 2020 further contributed to the fall in SOx emissions. EMSA expects SOx emissions to drop further once a SECA is established in the Mediterranean Sea. And the northeast Atlantic countries may set up an emission control area by 2027. Biofuels are an "immediate, attractive and cost-effective solution" to cutting GHG emissions in the maritime sector, EMSA said. And synthetic and other drop-in fuels, which can be blended with fossil fuels, could help the shipping sector transition to lower emissions. But their costs could prove an obstacle because they are still "significantly higher" than for marine fossil fuels, the report said. Further electrification of ships could assist in decarbonising short-range waterborne transport, the report said. And the establishment of green shipping corridors — zero-emission maritime routes — could further encourage investment in sustainable fuels and supply chains, EMSA added. The EU emissions trading system-financed Innovation Fund has already supported more than 300 shipping projects, the report said, with funding to be deployed out to 2030. By Navneet Vyasan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tariffs not only US threat to Canada canola oil


25/02/04
25/02/04

Tariffs not only US threat to Canada canola oil

New York, 4 February (Argus) — Canadian canola farmers have reason to celebrate a last-minute deal to at least delay US tariffs. Changing US biofuel policies, however, could dim their excitement. The two countries agreed Monday to pause for a month 25pc tariffs on most Canadian imports, including agricultural products like canola oil. While best known for its use in food, canola oil has become an increasingly important ingredient in US biofuel production. Canada exported 800,000 lbs of crude canola oil to the US in 2021, before US regulators allowed more canola-based fuels to qualify for a biofuel mandate, but more than three times that total over just 11 months in 2024 according to customs data. Canola oil from all origins made up around 12pc of the US biomass-based diesel feedstock mix last year. The challenge for Canada is that policies in the US that helped cement canola oil's role in biofuel production are increasingly encouraging producers to use other feedstocks. The mere threat of tariffs could speed that trend along. A long-running US tax credit for blenders of biomass-based diesel expired last year and was replaced by the Inflation Reduction Act's "45Z" credit, which requires fuels to meet an initial carbon intensity threshold and then ups the subsidy as emissions fall. This shift was always expected to benefit waste feedstocks over crops, which incur a carbon penalty for land changes and fertilizer use. The clear message to refiners — both from the US government and from California regulators that run the state's influential low-carbon fuel standard — has been to diversify beyond vegetable oils. But an updated emissions model released by the Department of Energy last month surprised some in the industry by assessing the default carbon intensity of canola-based fuels as too high to automatically qualify for 45Z. Although fuels from soybean oil generally earn some credit, diesels made from canola oil could go from earning $1/USG last year to nothing this year. Before even factoring in potential tariffs, Canadian canola oil appears less attractive for refiners than even competing crops. Guidance on 45Z is preliminary , meaning canola crushers can push for final rules that are less restrictive. But energy lobbyists say privately that they do not expect the new administration to act with urgency to implement an incentive created by Democratic lawmakers and oriented around climate change. And many Republicans' concern with the credit is not that it is too harsh on canola — but that it is too permissive of foreign feedstocks they see as hurting US crop demand. The introduction of 45Z could simultaneously leave Canadian biofuel producers less able to backfill canola oil demand if US buyers look elsewhere. The credit can only be claimed by US producers, cutting off subsidies for imported fuels. At the same time, 45Z does not require fuel to be consumed stateside — meaning that US biorefineries can send subsidized fuel abroad to chase additional incentives Canada offers for biofuel usage. "The on-again off-again status of US tariffs and Canada's counter-tariff response do not alter the bare economics of biofuel production between jurisdictions when one has an exportable tax credit and the other does not," said Fred Ghatala, president of Advanced Biofuels Canada. The future of renewable diesel production in Canada, previously expected to grow significantly to the benefit of farmers, is in doubt. ExxonMobil's Canadian subsidiary is on track to open a 20,000 b/d renewable diesel plant this year, but other companies collectively representing more production capacity are wavering. Plans for an integrated canola crush and 15,000 b/d renewable diesel facility in Saskatchewan were paused last month. And it is unclear if Braya Renewable Fuels' 18,000 b/d biorefinery in Newfoundland is running now or if Tidewater Renewables' 3,000 b/d British Columbia plant will run after March. If demand from Canadian biorefineries remains limited, some traders expect that Trump's tariff threats could divert more canola oil previously bound for the US to Europe . But there is no perfect alternative to the US market, which accounted for 91pc of all Canadian canola oil exports in 2023 according to the US Department of Agriculture. "There is logistics capacity to sell canola oil, seed, or meal abroad. That's certainly an option," said Chris Vervaet, executive director of the Canadian Oilseed Processors Association. "The best option though is to continue to maintain and grow our trade relationship with our most important trade partner, which is the United States." By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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