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 report’s 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 EU’s natural carbon absorption, reversing the recent declining trend in the land use and forestry sector.
