In its 2024 report on the progress of climate action, following on from the annual report on the state of the Energy Union (see EUROPE 13480/2), the European Commission revealed on Thursday 31 October that net greenhouse gas (GHG) emissions decreased by 8.3% in 2023 compared to the previous year, including net removals and emissions from land use, land-use change and forestry (LULUCF) and international transport.
The Commission is particularly pleased that net emissions are now 37% below 1990 levels, while GDP has increased by 68% over the same period, “showing the continued decoupling between emissions and economic growth“.
Under the Emissions Trading System (ETS), emissions from electricity production and heating were 24% lower in 2023 than in 2022, thanks to the growth in renewable energy sources. Aviation emissions rose by 9.5%, continuing their post-Covid-19 trend.
Commissioner for Climate Action Wopke Hoekstra was particularly pleased that the EU now accounts for 6% of global emissions and that the EU can demonstrate to its international partners, in the run-up to COP29, that it is “possible to take climate action and invest in growing our economy at the same time”.
However, the report acknowledges that global emissions have not yet peaked, and that catastrophic events linked to climate change are numerous, as demonstrated by the latest devastating floods in Spain (see EUROPE 13515/30).
Continued action is therefore considered necessary to meet the 2030 climate targets and achieve carbon neutrality by 2050.
The report also notes that achieving carbon neutrality will require considerable public and private investment. For the energy system alone, these investments are estimated at €565 billion a year (equivalent to 3.3% of GDP) in 2021-2030, and for transport they are estimated at €785 billion a year for the same period.
To see the report: https://aeur.eu/f/e4a (Original version in French by Pauline Denys)