- The EU reduced greenhouse gas emissions by 2.5% in 2024, aiming for a 55% decrease by 2030.
- Annual energy-system investment needs to double to EUR 565 billion from 2021-2030.
- The EU earmarked EUR 662 billion for climate objectives in the 2021-2027 budget.
- The EU submitted a new target to cut emissions by 66.25%-72.5% from 1990 levels ahead of COP30.
Emission Reductions on Track
The EU achieved a 2.5% reduction in net greenhouse gas emissions in 2024, maintaining progress towards its 2030 target of a 55% decrease from 1990 levels. Since 1990, emissions have dropped by over 37%, while the economy grew by 71%.
Sectoral Contributions
Emission reductions were driven by the energy sector, with renewables leading electricity production. The agriculture and LULUCF sectors also contributed, though transport emissions, including aviation and maritime, continued to rise.
Key Instruments
The EU's Emissions Trading System (ETS) and Effort Sharing Regulation (ESR) are crucial in reducing emissions. The ETS cut emissions from electricity, heat generation, and industrial manufacturing by 50% since 2005, while the ESR achieved a 20% reduction in transport, buildings, and agriculture emissions.
Investment in Low-Carbon Future
To meet climate targets, annual energy-system investment must more than double to EUR 565 billion from 2021-2030. The EU allocated EUR 662 billion for climate objectives in the 2021-2027 budget, supporting a transition to a low-carbon economy.
Climate Resilience and Adaptation
The EU is enhancing climate resilience, focusing on regions most affected by climate change. An integrated framework for climate resilience is being developed to ensure investments consider climate risks.
International Climate Action
The EU remains a leader in global climate action, providing EUR 31.7 billion in international climate finance in 2024. Ahead of COP30, the EU submitted a new target to cut emissions by 66.25%-72.5% from 1990 levels, with carbon pricing central to its policy.
