Two years after the Energy Union was launched as a strategy to help the European Union (EU) provide secure, sustainable, competitive, and affordable energy, the 28-member bloc is seeing a precipitous drop in renewables investments, though it remains on track to meet 2020 targets.
The second “State of the Energy Union” report released this February outlined several trends and policy observations. The most prominent of these were that the EU as a whole is making “good progress” on delivering the Energy Union’s 10 objectives, particularly as they relate to the 2020 energy and climate targets. In 2015, greenhouse gas (GHG) emissions in the EU were 22% below the 1990 level and continued to fall. Based on 2014 data, the EU’s share of renewables reached 16% of the gross final energy consumption, slightly short of the 20% goal for 2020. In 2014, meanwhile, renewables generated 27.5% of the EU’s total power, a figure that the European Commission anticipates could climb to 50% by 2030.
The EU also made progress to successfully decouple economic growth from GHG emissions. “During the 1990–2015 period, the European Union’s combined Gross Domestic Product (GDP) grew by 50%, while emissions decreased by 22%,” the report says. “This decoupling is expected to continue under current trends and projections,” it is also written in the report.
Read more on the report here: Power.