Global emissions from all human activities will reach 41 billion tonnes in 2017, following a projected two per cent rise in burning fossil fuels, according to the report.
China's emissions are forecast to rise by 3.5 per cent this year because of stronger growth in industrial production and lower hydro-power generation after less rainfall.
The latest analysis projects that carbon emissions in the United States and the European Union will continue to decline - by 0.4% and 0.2%, respectively, in 2017 - albeit at a slower pace than in recent years.
"In the initial stage we will not do carbon futures, because we are anxious that suddenly entering the futures market with no experience could cause chaos in the market", said Xie Zhenhua, China's special representative on climate change, speaking at a briefing on the sidelines of climate talks in Bonn. Unfortunately, increases in coal use in both China and the United States are expected in 2017, reversing the decreases they had managed since 2013. Countries there are ironing out details of how to implement the 2015 Paris climate accord, which calls for limiting global warming to 1.5-2 °C. On Tuesday, China's top climate official said that preparations for a nationwide emissions trading scheme were "basically complete" but he stopped short of giving a date for its launch and warned of the dangers of "excessive investment". "This is a window into the future", Le Quéré said.
In 2017, Carbon dioxide emissions from fossil fuels and industry are projected to grow by 2% (0.8% to 3%). An increase in burning coal in China, in particular, is likely responsible for much of the projected increase in carbon emissions.
It was previously hoped that emissions might soon reach their peak after three stable years, so the new projection for 2017 is an unwelcome message for policy makers and delegates at the UN Climate Change Conference (COP 23) in Bonn, taking place this week.
"The growth in 2017 emissions is unwelcome news, but it is too early to say whether it is a one-off event on a way to a global peak in emissions, or the start of a new period with upward pressure on global emissions growth".
Of course, India could further raise its ambition in the use of green technologies and emissions cuts, which would give it the mantle of global climate leadership.
"This is basically saying that we are not safe yet", Peters says.