Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Wind power outpaced gas plants in Europe for the first time in 2023 – Ember

2024 02 06T230806Z 2 LYNXMPEK150Y2 RTROPTP 4 FRANCE ENERGY - Global Banking | Finance

Wind power outpaced gas plants in Europe for the first time in 2023 – Ember

By Susanna Twidale

LONDON (Reuters) – Wind power production outpaced gas plants in Europe for the first time last year as fossil fuel electricity generation plummeted, cutting the region’s carbon emissions, data from think-tank Ember showed.

Europe is ramping up its renewable electricity generation as part of efforts to wean the bloc off Russian fuels and to help meet its climate goal of net zero emissions by 2050.

Europe’s fossil fuel power generation fell by a record 19% year-on-year in 2023, with gas-fired electricity production down 15% and coal electricity production down 26% the report by Ember showed.

At the same time wind power grew by 13% to account for 18% of Europe’s overall electricity mix, the data showed.

“Europe is on a path to phasing out coal and we’ve now had four years in a row of falling gas generation which we believe will continue,” Dave Jones, the global insights lead for climate think-tank Ember, said in an interview.

The drop in fossil fuel power and increase in renewables and nuclear generation led to a 19% drop in carbon emissions from the power sector, the report showed.

Gas plants provided almost 17% of Europe’s electricity in 2023 while coal provided just over 12%, the data showed.

Nuclear was the largest single source of electricity last year, accounting for almost 23% the data showed while solar power provided 9%.

Overall renewables combined rose to a record 44% share of power in 2023.

The data showed electricity demand fell 3.4% in 2023 due to a drop in industrial consumption and amid mild weather but Jones said this is expected to rise this year as more products, such as heating and vehicles are powered by electricity.

“Renewables will need to keep pace with that demand increase in order to deliver the emissions cuts needed,” Jones said.

 

(Reporting By Susanna Twidale; editing by David Evans)

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post