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The European Commission's 2023 climate action progress report reveals that EU greenhouse gas emissions fell by 8.3% compared to 2022, placing emissions 37% below 1990 levels. Simultaneously, the EU's GDP has grown by 68%, demonstrating that economic growth and emissions reduction are compatible. The EU remains on track to meet its target of reducing emissions by at least 55% by 2030.
Key findings include:
- A record 16.5% reduction in emissions from power and industrial installations under the EU Emissions Trading System (ETS).
- A 24% drop in emissions from electricity and heating, driven by the expansion of wind and solar energy.
- €43.6 billion in revenues from the ETS for climate action investments.
- A modest 2% decrease in emissions from buildings, agriculture, domestic transport, small industries, and waste.
- An 8.5% rise in natural carbon absorption, reversing recent declines in the land use and forestry sector.
- However, aviation emissions increased by 9.5%, reflecting post-COVID recovery.
Despite these achievements, extreme weather events highlight the urgency of sustained climate action. The EU’s efforts under the European Green Deal have set a global example, integrating climate, energy, transport, and taxation policies to meet ambitious targets. Beyond the 2030 goal, the EU aims to achieve net-zero emissions by 2050, maintaining climate action as a top priority under the new Commission mandate.
November 5, 2024/ EC/ European Union.
https://commission.europa.eu
