Renewable Surge: 50% of EU Electricity in 2024 from Renewables, Breaking Records

Gas Shift: Russian gas imports dropped from 45% to 18% since 2021.

Future Targets: More action needed to meet the 2030 goal of reducing emissions by 55%.

The 2024 State of the Energy Union report outlines the EU’s substantial progress in securing competitive, affordable energy while setting the stage for economic growth and competitiveness. The report highlights the EU’s success in overcoming energy security challenges, reducing reliance on Russian gas, and accelerating the shift to clean energy.

Key Progress Highlights:

The EU’s share of renewable energy in electricity generation hit 50% in the first half of 2024, setting new capacity records.
Russian gas imports fell from 45% in 2021 to 18% by June 2024, balanced by increased imports from reliable partners such as Norway and the US.
Between August 2022 and May 2024, gas demand dropped by 138 billion cubic meters.

According to the European Commission: “The EU’s resilience in facing critical energy supply risks has allowed us to regain control over energy markets and prices.”

Economic Competitiveness & Emissions Reduction:

Greenhouse gas (GHG) emissions decreased by 32.5% from 1990 to 2022, while the economy grew by 67%.
The EU achieved its 90% winter gas storage target on August 19, 2024, well ahead of the November deadline.

However, the report emphasizes the need for further efforts to reach the 11.7% energy consumption reduction target by 2030. Key areas requiring improvement include heating system electrification and building renovations.

Challenges Ahead:

While energy prices have stabilized, additional efforts are needed to close the gaps in renewable energy and energy efficiency targets. The report stresses the importance of stronger coordination between the EU and its Member States.

Global Leadership:

The EU has led the global push to triple renewable energy capacity and double energy efficiency improvements by COP28, positioning itself as a leader in the clean energy transition. This initiative has gained worldwide support.

Supporting Ukraine:

The synchronization of Ukraine and Moldova’s electricity grids with the Continental European Network stabilized their power systems.
The EU’s €900 million energy aid and the Ukraine Energy Support Fund’s €500 million (mobilized by June 2024) demonstrate the EU’s commitment to Ukraine’s recovery.

Industrial Growth and Innovation:

The Net-Zero Industry Act and Critical Raw Materials Act are pivotal in enhancing the competitiveness of EU manufacturers in net-zero technologies. The report underscores the importance of industrial alliances, such as the European Battery and Clean Hydrogen Alliances, in accelerating innovation.

Social Protection:

Reforms in electricity market legislation protect vulnerable consumers from disconnection. The Social Climate Fund, with a budget of €86.7 billion through 2032, will support energy-efficient housing and clean transport.

The report concludes by urging Member States to submit their updated National Energy and Climate Plans to ensure the EU achieves its 2030 energy and climate goals.