EU reduced greenhouse gas emissions by 2.6% y/y in Q2

In Q2 2024, the European Union reduced greenhouse gas emissions by 2.6% compared to the same period in 2023 – to 790 million tons (CO2 equivalent). Over the same period, EU GDP grew by 1% y/y. This is evidenced by Eurostat data.

The key sources of emissions were the energy and gas supply sectors (-12.1% y/y), households (-4.2% y/y) and industry.

In April-June, greenhouse gas emissions decreased in 19 EU countries. The largest reduction was estimated in the Netherlands (-9.1% y/y), Bulgaria (-6.3% y/y), Austria and Hungary (each -5.9% y/y).

Out of the 19 EU countries that are estimated to have reduced emissions, 5 recorded a drop in their GDP (Ireland, Finland, Estonia, Latvia and Austria). The remaining 14 EU countries (Poland, Denmark, Croatia, Spain, Bulgaria, Slovakia, Portugal, Hungary, Belgium, Italy, Czech Republic, the Netherlands, France, and Germany) reduced emissions while increasing their GDP.

In Q1 2024, the European Union reduced greenhouse gas emissions by 4% compared to the same period in 2023, to 894 million tons (CO2 equivalent). Over the same period, EU GDP remained stable, registering a slight fluctuation (+0.3% y/y). Households were the largest source of emissions.

As GMK Center reported earlier, the European Commission recommends that the EU reduce net greenhouse gas emissions by 90% by 2040 (compared to 1990 levels). This climate goal will be discussed with the European Parliament and member states, and the next European Commission will put forward legislative proposals on this basis.