Climate Action Progress Report 2024.

The European Commission has released the 2024 EU Climate Action Progress Report, which shows that in 2023, the EU’s net greenhouse gas emissions fell by 8.3 percent compared to the previous year. The report highlights the EU’s leading role in the transition to a clean economy. According to the latest information, the EU currently accounts for about 6 percent of global emissions.

Is the EU on track to meet its commitment to reduce emissions?

According to the prepared report, the EU’s net greenhouse gas emissions fell by 8.3 percent, the largest annual decline in decades (with the exception of 2020, when emissions fell by 9.8 percent as a result of the COVID-19 pandemic). Net greenhouse gas emissions are now 37 percent lower than in 1990, while GDP has grown by 68 percent over the same period, showing that emissions are independent of economic growth.

The information presented in the report clearly indicates that the EU is on track to meet its commitment to reduce emissions by at least 55 percent. By 2030. We have written about the needs for meeting the 2030 climate goals envisioned in a previous article: How to achieve the 2030 climate goals? Up to $6.8 trillion is needed.

Report – key climate actions taken

• In 2023. there has been a record drop in emissions from energy and industrial installations covered by the EU ETS. The drop was 16.5 percent. Emissions from the ETS sector are now about 47.6 percent below 2005 levels, meaning the EU is on track to meet its 2030 target of a 62 percent reduction.
• Under the EU ETS, emissions from electricity generation and heating decreased by 24 percent compared to 2022, driven by the development of renewable energy sources, particularly wind and solar power, and a shift away from coal combustion. Emissions from aviation increased by 9.5 percent, in line with the trend observed since the end of the COVID-19 pandemic.
• In 2023. The EU ETS has generated revenues of 43.6 billion euros for investment in climate action. Of this, €7.4 billion went to innovation and modernization funds, with the remaining funds going directly to member states.
• In 2023, emissions from buildings, agriculture, domestic transportation, small industry and the waste sector (covered by the Effort Sharing Regulation) fell by about 2 percent. The largest contributor to this was the construction sector, where emissions fell by about 5.5 percent. Agriculture reduced its harmful activities by 2 percent, and transportation by less than 1 percent.
• The EU’s natural carbon sink increased by 8.5 percent in 2023, reversing the downward trend observed over the past decade in the land use, land use change and forestry (LULUCF) sector.

What climate-related risks does the report identify?

While the report contains much optimism about the EU’s emission reductions, it should be noted that last year also saw many disasters, fatalities and material losses related to climate change, and global emissions have not yet reached their highest projected levels. In order for the EU to meet its 2030 targets and move closer to achieving the 2040 target and carbon neutrality by 2050, further action is needed.

The prepared report shows that member states are slowly adapting to climate change and building resilience, but should continue their efforts in this direction. In 2023. Europe has experienced the largest forest fires on record, unusually intense rainfall and heat waves, devastating floods and a steady rise in temperatures. Both the European Commission’s Communication on Climate Risk Management and the European Climate Risk Assessment emphasize that climate change vulnerability should be taken into account when setting policy priorities at all levels of governance and in all sectoral policies.

Climate action progress report and its importance

The Climate Action Progress Report accompanies the annual State of the Energy Union report. It outlines progress in meeting emission reduction targets, as required by the Energy Management Regulation. The report also outlines key achievements and recent developments in the fight against climate change. It includes actual (historical) and projected emissions for each member state, as well as information on EU policies and measures, climate change financing and adaptation.