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EU greenhouse gas emissions fell by 8.3% in 2023, compared to 2022, reveals the latest climate action progress report by the European Commission. The report states that net greenhouse gas emissions are now 37% below 1990 levels. Over the same period, EU Gross Domestic Product (GDP) grew by 68%. This points to the fact that reducing emissions and economic growth are compatible. It also confirms that the EU remains on track to reach its goal of reducing emissions by at least 55% by 2030.
Among the reports findings are:
a record 16.5% decrease in 2023 emissions from power and industrial installations that are listed under the EU Emissions Trading System.
a 24% decrease in emissions from electricity production and heating, under the EU Emissions Trading System, driven by the growth of renewable energy sources, in particular wind and solar energy.
the EU Emissions Trading System generated revenues of 43.6 billion in 2023 for climate action investments.
around a 2% decrease in 2023 of overall buildings, agriculture, domestic transport, small industry and waste emissions.
an 8.5% increase in 2023 in the EUs natural carbon absorption, reversing the recent declining trend in the land use and forestry sector.
On the other hand, aviation emissions grew by 9.5%, continuing their post-COVID trend.
Despite the mostly encouraging findings of the report, recent extreme weather events in Europe underline the fact that continued action is needed.
During the past 5 years, the EU has led the way on tackling climate change and environmental degradation under its European Green Deal. It has adopted a set of proposals to make the EUs climate, energy, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. It is also working towards the goal of no net greenhouse gas emissions by 2050. Work in this area will remain a priority under the new Commission mandate.
The EU will also continue its international engagement, starting with COP29 from 11-22 November 2024, to ensure that our international partners are also taking the necessary action. |
