Soaring fuel prices after the war in Iran have stalled carbon dioxide growth in 2026, but scientists warn this is not yet a peak.
In a car park in Lordstown, Ohio, rows of electric vehicles sit charging beside a battery plant, a small image of a large shift. This year, drivers from the American Midwest to Asian megacities have been pushed towards such scenes by a blunt force: the price of oil. Following the war in Iran, oil and gas costs have soared, and the effect is now visible in the global carbon accounts. According to the Global Carbon Budget, an annual assessment by scientists from scores of institutions, fossil fuel emissions are forecast to fall by about 0.
4% in 2026 compared with last year, essentially a plateau. Emissions from burning oil alone are expected to drop by 2% as motorists economise on fuel and switch to electric cars. The findings were presented at the Cop31 climate talks in Antalya, Turkey, and published in Nature Climate Change. Cheap solar and wind power have also played a part, meaning the decline reflects both a crisis and a genuine technological change.
Yet the authors caution against celebrating too early. About 38.2bn tonnes of CO2 will still be emitted this year, and the small fossil fuel decline was more than cancelled out by emissions from deforestation and land-use change, including major fires in south-east Asia. Several forces could reverse the trend: a coal expansion in India, a fall in oil prices, and US President Donald Trump's enthusiasm for fossil fuels.
"A drop in emissions in one year is not a peak, unless it is driven by structural change," said Glen Peters of the Cicero Centre for International Climate Research.