EU almost on track to reach 2030 climate goal

By Kate Abnett

BRUSSELS (Reuters) -The European Union is nearly on track to reach its main climate target for this decade, with countries' existing CO2-cutting plans set to bring the bloc within one percentage point of the goal, the European Commission said on Wednesday.

The EU is on course to reduce its net greenhouse gas emissions by 54% by 2030, compared with 1990 levels - just shy of its legally-binding goal of a 55% cut, the Commission said in an analysis of existing policies in the EU and its member countries.

The analysis showed governments have upped their efforts to curb emissions in the last two years, even as Brussels faces a political backlash from some countries demanding the EU weaken its green agenda.

Europe is the world's fastest-warming continent, with crop-wrecking floods and deadly wildfires linked to climate change hitting EU nations with increasing frequency.

But with industries reeling from high energy prices after Russia slashed gas deliveries in 2022, and the prospect of U.S. tariffs, the EU faces mounting calls from governments to soften green measures for struggling businesses.

EU climate commissioner Wopke Hoekstra said the EU would invest more in clean technologies to ensure industries can prosper from Europe's green transition.

"Emissions are down 37% since 1990, while the economy has grown nearly 70%, proving climate action and growth go hand in hand. Now we must build on this momentum," Hoekstra said.

By 2023, the EU had reduced its emissions by 37% from 1990 levels, the latest available data show.

The Commission cited strong progress in the energy sector, with renewable sources covering 24% of EU energy consumption in 2023.

Agriculture and transport are among the sectors lagging behind, it said.

Farmers staged months of protests across Europe last year, criticising EU green policies. The agriculture sector has largely escaped EU climate measures, and Brussels weakened some environmental rules for farmers in response to the protests.

The environmental impact of land use - which includes farming and forestry - has also been exacerbated by record-breaking wildfires, which deplete the land's ability to store carbon. The EU's "sink" of carbon stored in natural ecosystems like grasslands and forests is now not expected to improve by 2030, the Commission said.

The EU's 2030 climate goal is one of the most ambitious among major economies worldwide. The Commission is preparing to propose a 2040 climate target, but has delayed the proposal for months amid political pushback.

(Reporting by Kate Abnett; Editing by Aurora Ellis)