CO2 emissions subject to _{carbon markets grew by 3% in 2021}

Ten large Spanish companies are responsible for about 20% of total_CO2 emissions in Spain

Emissions subject to carbon markets increased in 2021 by 3% and accounted for 32% of total emissions in Spain as a whole, compared to 68% generated by diffuse sectors and another 1% by the aviation sector, according to the annual report on the evolution of greenhouse gas emissions of the Sustainability Observatory.

Ten energy companies accounted for 57% of_CO2 emissions

The study shows that 2021 was marked by the economic recovery after the crisis caused by the coronavirus. However, the report has found a decrease in emissions from all but one energy company, EDP, while all companies in the air, steel, cement or chemical sectors have increased their volume of greenhouse gas emissions.

Specifically, according to the calculations of the analysts of the Observatory of Sustainability that have been presented this Wednesday in Madrid, there are ten energy companies that, together accounted for 57 percent of the emissions of _CO2 of carbon markets and 18.7 percent of all those accounted for in Spain in 2021.

In addition, if the top 20 most emitting companies are taken into account, in total they would account for 69 percent of carbon market emissions and 23 percent of the total. Likewise, in total the 30 most emitting companies accounted for 75 percent of the emissions subject to carbon markets and 25 percent of the total and if the first 50 are included, 80 percent of carbon market emissions and 27 percent of total emissions in Spain would be reached during 2021.

Companies that improved their emissions the most

On the other hand, the companies that most improved their emissions subject to the emissions market from 2020 to 2021 were Naturgy, which reduced them by 19 percent (-1.1 million tons of CO₂-eq); Repsol decreased by 5 percent (-0.6 Mt CO₂); Iberdrola, reduced them by -14 percent (-0.4 Mt); LafargeHolcim, -13 percent (-0.3 Mt); Fertiberia -14 percent (-0.2 mt); Enagas, EVE -14 percent (-0.2 Mt) and BP -4 percent (-0.1 Mt).

On the other hand, those that increased their CO2 emissions the most during 2021 were EDP, whose emissions grew by 53 percent (2.8 Mt CO₂ eq); Arcelormittal, which increased by 35 percent (1.5 Mt); FCC increased by 15 (0.4 Mt); Endesa, 3 percent (0.3 mt) and Vueling grew 55 percent (0.3 Mt CO₂).

On the other hand, global emissions from the aviation sector, which represent 1 percent of totals in 2021, increased by 33 percent; another 14 per cent increased those in the road transport sector (28 per cent of emissions); 5% of the industry including cement, steel, chemical sector (21% of emissions), and 1.8% of the refining sector (3.6% of emissions), 1.4% of the livestock sector (9% of total emissions). Electricity generation increased by only 0.4 percent (11 percent of emissions).

Meanwhile, it adds that the commercial and institutional residential sector and the waste sector have remained practically constant and represent 8.8 percent and 4.6 percent respectively.

The report includes data from all sectors and estimates that even in reality the emissions of companies are even higher than those reflected in the study itself, since many of them work in international environments and in other activities outside Spain that are not included in this analysis.

Spain, the second country that has reduced the least.

Those responsible for the report consider that the detailed monitoring of decarbonization is “key” to observe the real results of the policies implemented by governments and companies and have profound implications for financial groups to assess the risk of their investments and serve as accountability to society on whether our most polluting companies and sectors are doing enough to meet the emissions targets of not increasing the temperatures at more than 1.5ºC which is the threshold compatible with a safer scenario for the future of humanity.

The annual study includes the country’s trends in its behavior with respect to one of the biggest problems posed in the short term, such as climate change.

The study compares European data regarding Europe in total emissions and with data from 1990 to 2020 observes that Spain is the second country that has reduced the least, with 8% percent, while other countries began their path towards decarbonization before Spain and their results are “more conclusive”.

The study concludes that, for example, the United Kingdom reduced its emissions by -45%, Germany, -42%, the EU28 -29%, Belgium -26%, France -28% Italy, -27%, or the Netherlands -26%.

Spain is the fifth country that has increased its emissions the most

Regarding the energy data for 2021/2020 published by Eurostat, it is observed that Spain is the fifth country that has increased its emissions the most, with only worse results than Bulgaria, Estonia, Slovakia and Italy. Europe in the emissions market in 2021 decreased by 5% (while Spain increased them by 3%).

Spain accounts for 8 percent of the total emissions of the ETS market, being the 4th country in Europe 28. The comparison by country 2021/2020 is in an intermediate situation like Italy or Finland, but better than Germany or Sweden that increased by 11 percent, although worse than France or Portugal or Poland with reductions between 10 and 15 percent.

Asturias, La Rioja, Navarra, Madrid and the Balearic Islands increase_CO2 emissions

In detail, the report reflects that Asturias, La Rioja, Navarra, Madrid and the Balearic Islands with increases between 15 percent and 35 percent, while Aragon, Murcia and both Castillas, the reductions are between 10 and 15 percent in carbon market emissions.

The coordinator of the Observatory of Sustainability, Fernando Prieto, stressed that differentiated responsibilities are observed in the_CO2 emissions of the country where very few companies are responsible for a very important part of global warming.

“After the good punctual results of 2020, Spain has once again moved away from the objectives of the NECP,” says Prieto, who warns that a “radical change” will be necessary in the coming years to meet the decarbonization objectives in the industrial, energy and transport, residential, commercial and institutional sectors.

Source: EcoAvant