EU’s power sector emissions plummet as renewables surge – POLITICO – 24 Global News | Latest International Breaking News Today

EU’s power sector emissions plummet as renewables surge – POLITICO – Latest International Breaking News Today

The 2023 drop was even steeper than in 2020, when the coronavirus pandemic drove ETS emissions down 13.3 percent, followed by a 7.3 percent rebound in 2021. In 2022, emissions declined by less than 2 percent.

The preliminary 2023 data shows that “ETS emissions are now around 47% below 2005 levels and well on track to achieve the 2030 target of -62%,” the Commission said. 

The ETS regulated about 45 percent of the bloc’s total greenhouse gas emissions in 2023, covering energy-intensive industries, power plants and some flights within Europe. The scheme, which charges a price for licenses to pollute, expanded in 2024 to also cover shipping emissions. 

The 24 percent drop in power sector emissions was largely driven by the increase in wind and solar electricity, the Commission said. 

Yet carbon market analysis firm Veyt cautioned that weak economic growth also played a role in depressing electricity demand.

“The power demand drop … might eventually be reversed if the economy rebounds,” said Ingvild Sørhus, manager for European carbon analysis at Veyt.

-24 Global News | Latest International Breaking News Today
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