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Europe moves away from 2030 climate targets, despite record investment in clean energy

European governments face an uphill battle if they want to quickly meet legally binding climate targets by 2030, according to a new report published by BloombergNEF.

BNEF’s economic transition scenario, which describes how the energy sector evolves as a result of cost-based technological changes, assuming no additional policy interventions, predicts that both the European Union and the United Kingdom will far exceed their end-of-decade emissions targets. Energy-related CO₂ emissions exceed 2030 targets for all sectors by more than 200 million metric tons, or an excess of 9% across the region. “To stay on top of its climate targets, Europe will also need to make progress in tackling other net greenhouse gas emissions from sectors such as agriculture, land-use change and waste,” said Emma Champion, lead author of the report. “If we take into account emissions beyond CO₂ from the energy sector, the risk of exceeding the 2030 climate targets is even greater, potentially by up to 29%.”

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