$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
EU economy GHG emissions down 7.1% in Q3 of 2023
EU economy greenhouse gas (GHG) emissions are estimated at 787 million tons of CO2-equivalents (CO2-eq) in the third quarter of 2023, marking a 7.1% decrease compared with the same quarter of 2022 (847 million tons of CO2-eq).
This information comes from data on quarterly estimates for greenhouse gas emissions by economic activity published by Eurostat today. Quarterly estimates of greenhouse gas emissions complement quarterly socio-economic data, such as GDP or employment. This article presents a handful of findings from the more detailed Statistics Explained article on quarterly greenhouse gas emissions.
In the third quarter of 2023, the economic sectors responsible for the largest reductions compared to the third quarter of 2022 were electricity and gas supply (- 23.7%), households (-6.5%) and manufacturing (-4.9%).
In the third quarter of 2023, greenhouse gas emissions are estimated to have decreased in 23 EU countries, when compared with the third quarter of 2022. Increases are estimated for Malta (+7.7%), Cyprus (+3.7%), Latvia (+3.4%) and Slovakia (0.9%). Among these 4 EU members, 3 had a GDP increase: Malta (+7.1%), Cyprus (+2.5%) and Slovakia (+1.1%).
The largest reductions in greenhouse gases are estimated for Estonia (-30.7%), Bulgaria (-18.6%) and Germany (-12.2%).
Out of the 23 EU members that are estimated to have decreased their emissions, 11 also recorded a decline in their GDP (Ireland, Estonia, Austria, Luxembourg, Sweden, Finland, Czechia, Netherlands, Germany, Denmark, Hungary). Italy maintained its GDP at the same level as in the third quarter of 2022 while decreasing its GHG emissions. The other 11 EU countries (Romania, Croatia, Greece, Portugal, Bulgaria, Belgium, Spain, Slovenia, Poland, France, Lithuania) are estimated to have managed to decrease emissions while growing their GDP.
According to the European Climate Law, the EU’s climate target is to achieve a -55% net reduction by 2030 and climate neutrality by 2050.
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