EU greenhouse gas emissions fell by more than 8 per cent in 2023
The European Commission (EC) published on October 31 the 2024 Climate Action Progress Report, showing that net EU greenhouse gas (GHG) emissions fell by 8.3 per cent in 2023 compared to the previous year.
“This is the largest annual drop in decades, with the exception of 2020 when Covid-19 led to emission cuts of 9.8 per cent,” the EC said.
Net GHG emissions are now 37 per cent below 1990 levels, while GDP grew by 68 per cent over the same period, showing the continued decoupling of emissions and economic growth, the Commission said.
The EU remains on track to reach its commitment to reduce emissions by at least 55 per cent by 2030, I said.
Emissions from power and industrial installations covered by the EU Emissions Trading System saw a record 16.5 per cent decrease in 2023. ETS sector emissions are now around 47.6 per cent below 2005 levels and well on track to reach the 2030 target of -62 per cent.
Under the EU ETS, emissions from electricity production and heating decreased by 24 per cent compared to 2022, driven by the growth of renewable energy sources, in particular wind and solar energy, and the transition away from coal.
Aviation emissions grew by 9.5 per cent, continuing their post-Covid trend.
The EU ETS generated revenue of 43.6 billion euro in 2023 for climate action investments. A total of 7.4 billion euro is assigned to the Innovation Fund and the Modernisation Fund, with the rest of the money going to EU member states directly.
Buildings, agriculture, domestic transport, small industry and waste emissions (covered by the Effort Sharing Regulation) fell by about two per cent in 2023. Reductions were driven by the buildings sector, decreasing by about 5.5 per cent. Agricultural emissions fell by two per cent while transport emissions fell by less than one per cent.
The EU’s natural carbon sink increased by 8.5 per cent in 2023, reversing the declining trend of the past decade in the Land Use, Land Use Change and Forestry (LULUCF) sector. However, further efforts are needed to meet the 2030 targets.
“While this report gives encouraging news on EU emission reductions, the last year has also seen more catastrophic events and lost lives and livelihoods, driven by our already changing climate, and global emissions have not yet peaked,” the EC said.
Continued action is necessary to ensure that the EU meets its 2030 targets and sets itself on the right path to achieve its future 2040 target, and the 2050 goal of net zero emissions, it said.
“The EU must also continue its international engagement, starting with COP29 next month, to ensure that our international partners are also taking the necessary action.”
The EC said that while EU member states are slowly improving on climate adaptation and building resilience, further action is crucial.
In 2023, Europe experienced its largest wildfires ever recorded, one of the wettest years on record, major marine heatwaves, widespread devastating flooding, and a continuing increase in temperatures.
The Commission Communication on Managing Climate Risks and the European Climate Risk Assessment both stressed that climate exposure needs to be considered at all levels of governance when setting policy priorities, and across all sectoral policies, the EC said.
It said that the past year has seen productive engagement by the EU with its international partners to enhance climate action, most notably at COP28 in Dubai.
At COP28, the Parties concluded the first Global Stocktake under the Paris Agreement, with decisions on accelerating action by 2030 and beyond, including the transition away from fossil fuels, tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.
“The EU, its Member States and financial institutions, collectively known as Team Europe, remain the leading contributor of development assistance and the world’s biggest climate finance contributor, accounting for about a third of global public climate finance,” the EC said.
(Photo: Hans Thoursie)
Please support The Sofia Globe’s independent journalism by becoming a subscriber to our page on Patreon:
