Climate, EU Report: Net Greenhouse Gas Emissions to fall by 8.3 per cent in 2023

Brussels – EU emissions are falling, thanks to the growth of renewables, but continued work is needed to meet the 2030, 2040, and 2050 targets. This is the finding of the EU Climate Action Progress Report 2024 published today by the European Commission. The document shows that the European Union’s net greenhouse gas (GHG) emissions decreased by 8.3 per cent in 2023 compared to the previous year. “This is the largest annual decline in decades, except for 2020, when COVID-19 led to emission cuts of 9.8 per cent. Net GHG emissions are now 37 per cent below 1990 levels, while GDP has grown 68 per cent over the same period, demonstrating the continued decoupling of emissions and economic growth. The EU remains on track to meet its commitment to reduce emissions by at least 55 per cent by 2030,” the EU executive writes.

In more detail, emissions from electrical and industrial plants covered by the EU Emissions Trading Scheme (ETS)—the carbon market—have seen a record decline of 16.5 per cent in 2023. “ETS sector emissions are now about 47.6 per cent below 2005 levels and are on track to meet the 2030 target of -62 per cent. With ETS, emissions from electricity generation and heating are down 24 per cent from 2022 levels, driven by the growth of renewable energy sources, particularly wind and solar power, and the transition from coal. Aviation emissions increased by 9.5 per cent, continuing the post-COVID trend. EU ETS generated €43.6 billion in revenues in 2023 for investments in climate action.”

The report specifies that emissions from buildings, agriculture, national transport, small industry, and waste fell by about 2 per cent in 2023: reductions were led by the buildings sector, with a drop of about 5.5 per cent, while emissions from the agriculture sector fell by 2 per cent and those from transport by less than 1 per cent. The EU’s natural carbon sink—the natural carbon storage that absorbs carbon dioxide—increased by 8.5 per cent in 2023.

“The EU is leading the way in the clean transition, with another year of strong greenhouse gas emission reductions in 2023. The EU now accounts for 6 per cent of global emissions,” commented EU Commissioner for Climate Action, Wopke Hoekstra. However, Brussels points out that “further efforts are needed to meet the 2030 targets” because, although the report provides encouraging news on EU emission reductions, “last year also saw more catastrophic events and loss of life and livelihoods caused by our already changing climate, and global emissions have not yet peaked. Continued action is needed to ensure that the EU meets its 2030 targets and is on track to meet its future 2040 target and 2050 net zero emissions goal.”

Finally, for the Commission, the EU must continue its international engagement, starting with Cop29. Moreover, Hoekstra highlighted that “with our imminent departure for Cop29, we demonstrate once again to our international partners that it is possible to take climate action and at the same time invest in the growth of our economy. Unfortunately, the report also shows that our work must continue at home and abroad because we are seeing the damage that climate change is doing to our citizens.”