In the second quarter of 2023, the European Union’s economy witnessed a notable decrease in greenhouse gas (GHG) emissions while maintaining steady economic growth. According to recent data published by Eurostat, the EU’s total GHG emissions amounted to 821 million tonnes of CO2-equivalents (CO2-eq). This marked a significant -5.3% reduction compared to the same period in 2022 when emissions stood at 867 million tonnes of CO2-eq. Remarkably, this decrease occurred alongside a marginal variation of just +0.05% in the EU’s gross domestic product (GDP) during the same quarter.
Revealing Insights:
Eurostat’s quarterly estimates for greenhouse gas emissions provide a valuable complement to socio-economic data, such as GDP and employment figures. These insights shed light on the EU’s progress towards its climate change targets. Let’s delve into a few key findings from the detailed Statistics Explained article on quarterly greenhouse gas emissions.
Economic Sectors and Emissions:
In the second quarter of 2023, the manufacturing sector emerged as the largest contributor to GHG emissions, accounting for 23.5% of the total. Following closely were households (17.9%), electricity and gas supply (15.5%), agriculture (14.3%), and transportation and storage (12.8%). Notably, emissions decreased in six out of nine economic sectors when compared to the same period in 2022. The most significant reduction occurred in the ‘electricity and gas supply’ sector, with emissions falling by 22.0%. Conversely, the ‘transportation and storage’ sector witnessed a slight increase of 1.7% in emissions.
EU Member States Efforts:
A positive trend was observed across the EU, with greenhouse gas emissions decreasing in 21 member countries during the second quarter of 2023 in comparison to the same period in the previous year. Notable reductions were recorded in Bulgaria (-23.7%), Estonia (-23.1%), and the Netherlands (-10.3%). However, some countries experienced an increase in emissions, including Malta (+7.7%), Latvia (+4.5%), and Ireland (+3.6%).
Remarkably, among the six EU members with increased emissions, four countries also saw their GDP grow. Malta (+3.9%), Croatia (+2.6%), Cyprus (+2.2%), and Lithuania (+0.7%) achieved both economic growth and higher emissions during this period.
Sustainable Growth:
A positive correlation between the reduction of GHG emissions and economic growth was evident in several EU member countries. Ten nations managed to decrease emissions while simultaneously growing their GDP. These countries include Denmark, France, Belgium, Slovenia, Slovakia, Bulgaria, Portugal, Spain, Romania, and Greece.
The second quarter of 2023 presented promising progress for the European Union as it achieved a significant reduction in greenhouse gas emissions. The data revealed a strong correlation between sustainable economic growth and environmental responsibility among EU member countries.
By efficiently managing their economic sectors and actively implementing measures to reduce emissions, these nations exemplify the potential for sustainable development in a rapidly changing world. As the EU continues its commitment to combat climate change, efforts must be intensified to meet the ambitious targets laid out in the European Climate Law, including a -55% net reduction by 2030 and climate neutrality by 2050.
Market Capital Research 