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EU’s power sector emissions plummet as renewables surge – POLITICO

The decline in 2023 was even steeper than in 2020, when the coronavirus pandemic caused ETS emissions to fall by 13.3 percent, followed by a 7.3 percent rebound in 2021. In 2022 , emissions fell by less than 2 percent.

Preliminary data for 2023 shows that “ETS emissions are now around 47% below 2005 levels and are on track to meet the -62% target for 2030,” the Commission said.

The ETS regulated around 45% of the bloc’s total greenhouse gas emissions in 2023, covering energy-intensive industries, power plants and some flights in Europe. The system, which imposes a price for permits to pollute, was extended in 2024 to also cover emissions from maritime transport.

The 24 percent drop in emissions from the electricity sector is largely due to increases in wind and solar electricity, the Commission said.

However, carbon market analysis firm Veyt warned that weak economic growth also played a role in depressed electricity demand.

“The decline in electricity demand…could eventually be reversed if the economy rebounds,” said Ingvild Sørhus, head of European carbon analysis at Veyt.

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