EU increased greenhouse gas emissions by 2.2% y/y in Q1

In the fourth quarter of 2024, the European Union increased greenhouse gas emissions by 2.2% compared to the same period in 2023 – up to 897 million tons (CO2 equivalent). Over the same period, EU GDP grew by 1.5% y/y. This is evidenced by Eurostat data.

The largest increase in emissions was recorded in the energy and gas supply sector (+4.6% y/y) and households (+5.2% y/y).

In October-December, greenhouse gas emissions decreased in 6 EU countries. The largest reductions were estimated in Estonia (-11.3%), Finland (-6.1%), and Sweden (-2.3%).

Of these 6 EU countries, two also recorded a decline in GDP (Latvia and Austria). The other four EU countries (Estonia, Finland, Sweden, and Luxembourg) are estimated to have reduced emissions while increasing GDP.

In the fourth quarter of 2023, greenhouse gas emissions in the EU were estimated at 897 million tons (CO2 equivalent), which is 4% less than in the same period of 2022. The bloc’s GDP grew by 0.2% y/y over the period. The largest decline was recorded in the electricity and gas supply sector (-17.2%) and industry (-3.1%).

According to Eurostat’s preliminary estimates, the EU’s GDP in 2024 grew by 0.8% compared to 2023. In the euro area, this figure increased by 0.7% y/y. In the fourth quarter, seasonally adjusted EU GDP grew by 0.1% compared to the previous quarter, and by 1.1% compared to the same period in 2023. In the euro area, the figure remained at the level of the third quarter and grew by 0.9% y/y.