EU: Industry and energy in the EU have seen emissions fall by 15% in 2023.
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Industry and energy in the EU have seen a 15% drop in emissions in 2023, which is taken as a positive sign for reaching their 2030 targets, Euractiv writes.
“However, experts question whether this is because of – or despite – Europe’s carbon trading framework,” the article states.The EU Emissions Trading Scheme (ETS) sets an annual cap on emissions in industry and the energy sector, covering 40% of the economy. Companies can buy and sell the right to emit, setting a price on CO2, which now hovers above €50 after falling last year in 2023.
Last year’s ETS emissions show the most significant annual reduction in emissions since the scheme was launched in 2005,” said the European Commission’s climate department, DG CLIMA.The energy sector and industry cut emissions by 15.5% compared to 2022 – reaching a 47% reduction compared to 2005 levels. This puts the sectors on track for their target of a 62% reduction by 2030.
The bulk of the reductions came from the energy sector, where emissions fell by 24% thanks to added wind and solar power, as well as more rain and cooler temperatures, which increased the share of hydropower and nuclear power.Industry shaken by the energy crisis saw emissions drop by 7% – both due to increased efficiency and a drop in production. Meanwhile, aviation emissions rose 10%, led by the sector’s continued post-pandemic recovery.
However, observers warn that the emissions reductions in 2023 may not be sustained. For Germany, the bloc’s largest and wealthiest country, the Agora Energiewende think tank found that 85% of progress on climate targets is not secured in the long term.
Much of the reduction compared to 2022 is due to an unexpectedly sharp drop in coal consumption, as well as crisis-related and cyclical declines in output in energy-intensive industry,” the Berlin-based think tank said.
