BRUSSELS — The European Union is reportedly “well on track” to meet its ambitious goal of reducing greenhouse gas emissions by 55 percent by the year 2030, according to recent findings released on Wednesday.
The European Commission, which serves as the EU’s executive body, based its conclusions on the updated climate action plans submitted by member states in recent months. The assessment indicates that the EU is projected to achieve a 54 percent reduction in emissions by 2030, a notable improvement from earlier reports that suggested the bloc was at risk of not meeting its targets.
“When we play our cards and instruments in a smart manner, we deliver as a continent,”
EU competition and climate chief Teresa Ribera stated in an interview prior to the findings’ release. However, this updated figure, which is benchmarked against 1990 emission levels, hinges on the commitment of member states to follow through with their new promises amid rising concerns over environmental issues and increasing defense expenditures.
Addressing challenges and shortcomings
Despite the positive assessment, the European Commission cautioned that the EU cannot afford to become complacent. Their analysis pointed out that the bloc is not sufficiently tackling energy poverty and the support needed for those affected by the green transition.
Moreover, several targets remain unfulfilled, including the initiative to establish adequate “carbon sinks” within healthy forests and land areas aimed at absorbing 310 million tons of CO2 annually by the decade’s end. The EU is also lagging behind in its energy efficiency goals, with projections indicating only an 8.1 percent reduction in energy consumption, falling short of the 11.7 percent target for 2030.
Additionally, Belgium, Estonia, and Poland have yet to submit their updated climate plans, raising concerns about the collective efforts of all member states.
Renewable energy and financial investments
“This is the first time that the aggregated result is align[ed] with the Paris Agreement: That is good news,” remarked French centrist MEP Pascal Canfin, who played a role in negotiating the European Green Deal. He also expressed concern over the “weakness of our carbon sink as a consequence of the deteriorating state of our forest,” highlighting the urgent need for action.
On the front of renewable energy generation, the EU is on track to achieve 41 percent of its energy from renewable sources by 2030, slightly below the 42.5 percent target. The assessment also emphasizes the necessity for countries to enhance their preparedness and adaptation strategies for the inevitable impacts of climate change. Currently, only a few nations are proactively addressing issues related to increasing water scarcity.
The report also lamented the insufficient progress in phasing out fossil fuel subsidies, pointing out that “a list of existing fossil fuel subsidies, concrete timelines, and measures to phase them out are largely missing.”
Meeting these ambitious goals will require significant financial investment, with the report estimating that the EU will need around €570 billion annually until 2030 to realize its objectives. In contrast, the bloc spent approximately €430 billion on fossil fuel imports in 2023.
The Commission suggested that these funds could be redirected towards investments in a clean transition, leading to a more autonomous and secure EU. Furthermore, the EU is expected to soon unveil a proposal aimed at achieving a 90 percent reduction in emissions by 2040, albeit with some new flexibilities regarding the methods countries can employ to reach this goal.