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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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Denmark invites applications for CO2 storage permits


25/01/09
25/01/09

Denmark invites applications for CO2 storage permits

London, 9 January (Argus) — The Danish Energy Agency has launched its fourth tender inviting applications for exploration and CO2 storage, in three areas off the northwest coast of Denmark. The blocks, in the Danish North Sea, are geologically "particularly suitable for storing CO2", Denmark's geological survey found. The application deadline is 6 March. The Danish government issues permits with two phases — an exploration and a storage phase. If granted an exploration permit, developers have up to six years to investigate and assess the suitability and CO2 storage capacity of the area. They are then able to apply for a storage permit, which will be valid for up to 30 years. The Danish state holds a 20pc stake in all exploration and storage permits. Denmark awarded three CO2 exploration permits in February 2023, and three more in June last year. UK company Ineos took a final investment decision for the first phase of the Greensand CO2 storage project in December. The site's developers successfully demonstrated a pilot CO2 injection in March 2023. The carbon capture and storage (CCS) industry is gradually developing, led by northern Europe. The region has a geological advantage, in its declining oil and gas fields, as well as government funding from countries including Denmark and Norway. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Indonesia necessitates UCO, Pome oil export approvals


25/01/08
25/01/08

Indonesia necessitates UCO, Pome oil export approvals

Singapore, 8 January (Argus) — Indonesian exporters of palm oil derivative products must now obtain approvals to ship them out of the country, according to a regulation released by the Indonesian ministry of trade today. The palm oil derivative products include used cooking oil (UCO) and palm oil residue palm oil mill effluent (Pome) oil. The regulation is to ensure adequate availability of feedstocks to support the rollout of Indonesia's B40 mandate, under which companies will have to supply 40pc biodiesel blends from the end of February . Export approvals will be valid for six months from the date of issuance, according to the regulation. Further export policies will be discussed and agreed upon in an upcoming co-ordination meeting between relevant ministries and non-ministerial government institutions which market participants said is likely to be held on 13 or 14 January. The service for applying for export approvals will be temporarily suspended until the meeting is held. During the meeting, a quota system for exports might also be discussed, said Indonesia-based market participants. An integrated team could also be formed to supervise exports, including bodies such as the Co-ordinating Ministry of Economic Affairs, Ministry of Trade, Industry, Agriculture, Finance and others. Indonesia-origin UCO prices in flexibag have been on an uptrend since the end of October 2024, rising to over 1½-year highs of $960/t on 20 December, according to Argus' assessments. They were slightly higher at $965/t on 7 January and remained at that level on 8 January. Argus assessed Pome oil fob Indonesia at a 29-month high of $1,010/t on 9 December, although prices have since softened slightly to $960/t on 8 January. Prices were driven up by escalating palm oil prices, and the country raising export levies on UCO and Pome oil to 6pc and 7.5pc of the monthly crude palm oil (CPO) reference price respectively in September last year. More recently, UCO sellers were short on stocks, and rushed to aggregate volumes to fulfill export obligations. Another round of export levy increases is looming, although market participants feel this might not be enough to fund B40 across all transport sectors as well. The country's ministry of energy and mineral resources said on 3 January that biodiesel producers and fuel retailers must supply 15.6mn kilolitres of biodiesel to fulfill the B40 mandate. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Singapore, Malaysia to collaborate on CCS, RECs


25/01/08
25/01/08

Singapore, Malaysia to collaborate on CCS, RECs

Singapore, 8 January (Argus) — Singapore and Malaysia have signed agreements to collaborate on carbon capture and storage (CCS) as well as renewable energy certificates (RECs). The countries will engage in bilateral discussions to enable cross-border CCS, and discuss the components of a legally binding government-to-government agreement, said Singapore's Ministry of Trade and Industry (MTI) on 7 January. A joint committee comprising members from both sides will be established to facilitate this. The countries will also share best practices and information, and facilitate relevant research projects. The region has strong geological potential for CO2 storage, said the MTI. "Many countries are interested to pursue CCS to support their own decarbonisation plans and position themselves as CCS hubs for Asia-Pacific," it added. Malaysia has a geological abundance of deep saline aquifer reservoirs , which could be used to develop large-scale, permanent CO2 storage solutions. RECs Singapore and Malaysia will also study the formation of a credible framework that recognises RECs associated with cross-border electricity trade. The development of the framework will catalyse demand for cross-border electricity trading projects, which will lead to higher investment that can support the long-term viability of regional renewable energy projects, said the MTI. Singapore's licensed electricity importer Sembcorp Power signed a supply agreement with Malaysia's state-owned utility Tenaga Nasional Berhad (TNB) last month to import 50MW of renewable energy issued with RECs , with the renewable energy to be imported via existing infrastructure. Flows into Singapore began on 13 December. The agreement is part of Malaysia's inaugural "green electricity" sales through its Energy Exchange Malaysia (Enegem) platform, which allows for cross-border green electricity sales to neighbouring countries. Almost 28,000 MWh of electricity has been traded under the Energem platform as of 7 January, according to MTI. State-owned electricity firm Singapore Power and TNB are also undertaking a joint feasibility study to expand interconnector capacity and infrastructure between Singapore and Malaysia, said the MTI. Cross-border power initiatives in the region have been growing, such as the recent increase in capacity of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) to up to 200MW under its second phase . Inaugural flows from Malaysia to Singapore began in September 2024, and almost 8,000 MWh of electricity has been traded under this phase as of 7 January, according to MTI. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump wants policy of 'no windmills' being built


25/01/07
25/01/07

Trump wants policy of 'no windmills' being built

Washington, 7 January (Argus) — President-elect Donald Trump wants to pursue a policy to stop the construction of wind turbines, a move that could limit the growth of a resource projected to soon overtake coal and nuclear as the largest source of power in the the US. Trump has spent years attacking the development of wind, which accounted for 10pc of electricity production in the US in 2023, often by citing misleading complaints about its cost, harm to wildlife and health threats. In a press conference today, Trump reiterated some of those concerns and said he wants the government to halt new development. "It's the most expensive energy there is. It's many, many times more expensive than clean natural gas," Trump said. "So we're going to try and have a policy where no windmills are being built." The US is on track to add more than 90GW of wind capacity by 2028, a nearly 60pc increase compared to 2024, the US Energy Information Administration (EIA) said in latest Annual Energy Outlook report. If that growth materializes, wind will become the second largest source of electricity in the US at the end of of Trump's term, overtaking coal and nuclear in 2027 and 2028, respectively, according to the EIA forecast. Trump did not offer specifics on the policy, which he did not run on during his campaign. But the vast majority of wind capacity in the US is built on private land such as farms — largely in rural districts represented by Republicans — limiting the federal government's role. Trump could still threaten wind development by blocking projects on federal land, such as offshore wind projects, and working to repeal federal tax credits that subsidize wind. Democratic lawmakers said blocking wind development will raise costs for consumers and reduce energy production. "Trump is against wind energy because he doesn't understand our country's energy needs and dislikes the sight of turbines near his private country clubs," said US Senate Finance Committee ranking member Ron Wyden (D-Oregon), who helped expand federal tax credits for wind through the 2022 Inflation Reduction Act. Wind energy industry officials also raised concerns with the policy, which they said conflicted with an all-of-the-above energy strategy. "American presidents shouldn't be taking American resources away from the American people," American Clean Power chief executive Jason Grumet said. 'Gulf of America' Trump today separately reiterated his vow to "immediately" reverse Biden's withdrawal of more than 625mn acres of waters for offshore drilling, and also said he would rename the Gulf of Mexico as the "Gulf of America", which he said was a "beautiful name". In addition to expanding oil and gas production offshore, Trump said he will seek to drill in "a lot of other locations" as a way to lower prices. "The energy costs are going to come way down," Trump said. "They'll be brought down to a very low level, and that's going to bring everything else down." US consumers paid an average of $3.02/USG for regular grade gasoline in December, the lowest monthly price in more than three years. Henry Hub spot natural gas prices dropped to $2.19/mmBtu in 2024, the lowest price in four years. During his campaign, Trump said he would cut the price of energy in half within 12 months of taking office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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