The European Union’s greenhouse gas (GHG) emissions declined by 8.3% during the year 2023 as compared to the projections highlighted in the European Commission’s 2024 Climate Action Progress Report. That represents one of the biggest decreases in years and one of the highest single annual losses since the pandemic slowed the economies down by 9.8% in the year 2020. It is a huge difference compared with the 3% decline that was reported in the year 2022.
One of the reasons this has been achieved is the fact that the emissions level of electricity and heating was reported to have reduced as much as 24%. The report showed that a reduction in this aspect occurred due to an increase in renewable energy such as wind and solar. Coal declined by percentage while gas improved by significant numbers. In the EU, renewables have become the highest output with about 45% share of electricity and head the statistics in the field. This aside, power generation from fossil fuels plummeted by nearly 20% compared to last year, reflecting the trend towards cleaner energy sources within the region.
The report also mentions the general climatic objectives of the EU, enshrined in the European Climate Law adopted in 2021. The law declared climate neutrality by 2050 as a central target of the European Green Deal, which is supposed to create a resource-efficient, competitive, and sustainable economy. A binding target of 55% reduction was set for GHG emissions by 2030 compared to 1990 levels. To this end, the EU adopted the “Fit-for-55” legislative package, increasing restrictions in all high-emission sectors, and expanded the ETS to include other sectors with the intention of encouraging a reduction in emissions.
Looking forward, the EU has proposed a 2040 emissions target. It proposed a 90% cut and estimated investment for such an ambitious target. Such a target would necessitate an increase of €660 billion yearly in the energy sector and €870 billion annually in the transport sector, focusing on decarbonizing industry, increasing energy efficiency, making the transition to electrification, and promoting sustainable fuels.
Despite the outstanding performance, the report indicated that the performance was not balanced across sectors. While emissions from power and industrial installations under the EU ETS fell by a record 16.5%, those from buildings decreased by 5.5%. In contrast, agricultural emissions declined by only 2%, transport by less than 1%, and aviation increased sharply by 9.5%. EU Climate Commissioner Wopke Hoekstra noted the EU’s leading position in the global response to climate change, even acknowledging the still ongoing nature of the climate challenge, to continue with efforts.