In the fourth quarter of 2023, the European Union reported a significant decrease in greenhouse gas emissions, falling by 4.0% compared to the same period in 2022. This reduction, amounting to 897 million tonnes of CO2-equivalents, reflects ongoing efforts to combat climate change amidst stable economic growth, with GDP showing a marginal increase of 0.2%.
Key sectors contributing to this decline include electricity and gas supply, which saw a substantial reduction of 17.2%, and manufacturing, which decreased emissions by 3.1%. Emissions from households remained relatively stable.
Across the EU, 22 countries reported lower emissions. Estonia, Bulgaria, and Finland led with the most significant reductions of 23.0%, 17.0%, and 9.0%, respectively. Notably, ten of these countries also experienced GDP declines, highlighting the dual challenge of maintaining economic growth while reducing emissions. However, countries like Bulgaria, Belgium, and Italy managed to achieve emission reductions alongside GDP growth.
Conversely, Malta, Slovenia, Cyprus, Slovakia, and Greece recorded increases in both emissions and GDP, indicating a different trend in their economic activities and environmental impact.
9 Key Takeaways from the IFRS 18 Educational Video for Financial Institutions and Insurers.
