From 2013 to 2023, Canada's production-based CO2 emissions fluctuated but generally followed a rising trend until 2018, which was later mitigated by a significant drop in 2020, likely due to the COVID-19 pandemic. Post-2020, emissions observed a recovery but at a subdued pace.
The year-on-year analysis shows a mix of positive and negative growth rates, highlighting uncertain growth dynamics. For example, 2017 saw a notable 1.91% increase, contrasting sharply with a significant 8.75% decrease in 2020. The compounded annual growth rate (CAGR) over the last five years (2019-2023) turned negative, amounting to -1.42%, reflecting an overall downward trend during this period.
In 2023, emissions stood at 530.75 million metric tons. Projected data from 2024 to 2028 suggests a stabilization of emissions with modest year-over-year increases. The forecast 5-year CAGR is projected at 0.12%, pointing to slow growth.
Future trends to watch for include the impacts of new environmental regulations, technological advancements in emission reductions, economic factors influencing industrial activity, and progress in renewable energy adoption, all of which could play significant roles in shaping Canada's CO2 emissions trajectory.
