The European Union has achieved a significant milestone in its energy production, with almost 75% of its electricity being generated from sources that are free of CO₂ emissions in the first half of 2024. This data, which was released by a prominent industry body representing the interests of the European electricity sector, demonstrates a notable increase from the 68% share observed in 2023.
As per the trade body’s findings, 50% of the EU’s electrical production was derived from renewable sources such as wind and solar, while 24% originated from nuclear power. The remarkable surge in emissions-free energy is attributed to a substantial rise in renewables on the grid and the stabilization of the nuclear fleet. Secretary-general of Eurelectric, Kristian Ruby, lauded the pace of change as “impressive,” highlighting that the decarbonization efforts of electricity companies are spearheading the transition to green energy.
In 2023, the EU added 56GW of new solar power capacity and 16GW of new wind capacity across the region. This expansion in renewable energy sources has been further facilitated by a decline in electricity demand within the bloc, making it more manageable for solar and wind to meet the power requirements.
Nevertheless, as the shift towards renewables continues, there may be financial challenges ahead for energy investors. Reports have indicated that BP’s CEO, Murray Auchincloss, has implemented a hiring freeze and suspended offshore wind projects in favour of refocusing on oil and gas to drive revenues. This move comes amidst shareholder discontent over the returns from non-hydrocarbon production and the push towards green energy. Regardless, a spokesperson for BP has affirmed that the company remains dedicated to its objective of becoming an integrated energy company.
The progress made by the EU in attaining a greener energy mix underscores the increasing momentum towards sustainable and emissions-free power generation. With a substantial portion of electricity already being sourced from renewables and nuclear, the region is poised to continue on its trajectory towards a more sustainable and environmentally friendly energy landscape.