Renewable power surge drives 15.5% drop in EU Carbon Market emission
![Renewable power surge drives 15.5% drop in EU Carbon Market emission](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/5790429.webp)
The European Commission said on Wednesday that carbon dioxide emissions governed by the European Union’s emission trading system (ETS) fell by 15.5% in 2023, primarily due to a shift towards renewable energy in the power sector.
Emissions in the power sector recorded the most significant drop, which was 24% in 2023 compared to last year.
“This decrease is due to a substantial increase in renewable electricity production (primarily wind and solar), at the expense of coal and gas,” the Commission said.
Industry emissions also dipped by 7% during the period due to a combination of reduced output and efficiency gains, which are mainly visible in cement, iron, and steel.
However, aviation-related emissions saw a 10% rise in 2023, primarily due to a rebound in traffic following the end of the COVID-19 pandemic.
With this development, the Commission said the EU’s ETS, the 27-nation bloc’s flagship scheme to tackle global warming by charging for the right to emit carbon dioxide (CO2), was well on track to achieve its 2030 target of reducing emissions by 62% compared to 2005 levels.
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