Net greenhouse gas emissions in the European Union (EU) are set to decrease by 8,3% in 2023, according to a new European Commission report. This is one of the largest decreases of the decade, except for the record 9,8% decrease during COVID-19 in 2020, which was followed by a 4,8% increase the following year and a significant decrease of 3 % in 2022, it says esgtoday.com.
Among the top achievements in the report is a 24% annual reduction in emissions from power generation and heating, which the EC report says is due to increased production of renewable energy (solar and wind) and the replacement of coal with gas. Renewable energy is leading in the EU with around 45% of total electricity production. Meanwhile, electricity from fossil fuels is down about 20% in 2023 compared to the previous year.
The Commission's Climate Action Progress Report 2024 outlines progress towards the EU's emissions reduction targets and highlights key achievements and recent developments in the fight against climate change.
European legislation
The EU adopted European climate legislation in 2021, setting at its heart the goal of achieving climate neutrality by 2050. The climate law is at the heart of the European Green Deal and the EU's strategy to transform the region into a modern, energy-efficient resources and with a competitive economy. In addition to the 2050 target, the law sets a binding target of a 55% reduction in greenhouse gas emissions by 2030 compared to 1990, which is followed by a broad set of "Fit for 55" laws and regulations aimed at addressing with emissions in carbon-intensive sectors of the economy, including expanding and tightening the Emissions Trading System (EU ETS), which puts a price on carbon emissions for key greenhouse gas-intensive sectors.
The EU is now aiming to set a 2040 target, with the Commission recently recommending a 90% reduction in greenhouse gas emissions. The Commission also outlined a forecast of the investment that will be needed to meet the recommended 2040 target, which includes €660 billion per year in the energy system and €870 billion per year in the transport sector, with key areas of investment targeting decarbonisation of industrial processes, improvements in energy efficiency in energy-intensive industries, transition to electrification and production of sustainable alternative fuels to power the transport sector.
37% less greenhouse gas emissions than 1990 levels.
The new report finds that the EU's net greenhouse gas emissions are now 37% below 1990 levels, compared to 68% GDP growth over the same period, and that the EU is on track to meet its target of 55% by 2030
In other key sectors, the report states that emissions from energy and industrial installations covered by the EU ETS fell by a record 16,5% in 2023, emissions from the construction sector fell by 5,5%, agricultural emissions fell by 2%, transport emissions fell by less than 1%, while aviation emissions increased by 9,5%.
“The EU is leading the clean transition with another year of strong reductions in greenhouse gas emissions in 2023. The EU now accounts for 6% of global emissions. As we soon head to COP29, we are once again demonstrating to our international partners that it is possible to take climate action and invest in the growth of our economy at the same time. Unfortunately, the report also shows that our work must continue, at home and abroad, as we see the harm that climate change is causing our citizens," commented Wopke Hoekstra, Climate Commissioner.
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