The European Commission has published the State of the Energy Union Report 2024, which shows how the European Union responded to security and energy challenges during the mandate of the current commission.
A few of the most important results that were achieved during the previous years have been singled out. Renewable energy sources have reached new capacity records, and the latest data show that in the first half of 2024, half of the electricity production in the European Union was from renewable sources. At the same time, wind energy rose to second place among the largest sources of electricity, after nuclear.
One of the goals of the European Union was to reduce dependence on the introduction of Russian gas. A positive trend can be observed if it is taken into account that in 2021 the import was 45 percent, and that in June 2024 it was reduced to 18 percent. At the same time, imports from reliable partners, such as Norway, have increased. In general, gas consumption was reduced between August 2022 and May 2024 by 138 billion cubic meters. Also, the deadline for reaching the goal of 90 percent of winter gas storage was November 1, and the European Union achieved this on August 19.
Looking back to the energy crisis of 2022, energy prices are significantly more stable and lower compared to the peak levels of that period.
Success was also achieved when it comes to greenhouse gas emissions, which were reduced by 32.5 percent from 1990 to 2022, and the economy in the European Union grew by about 65 percent in the same interval.
Through the Innovation Fund, whose budget is around 40 billion euros until 2030, the European Union will provide support for technologies with zero emissions, with a successful round of auctions for renewable hydrogen projects, according to the Report.
Another important fund is the Social Climate Fund, which will mobilize at least 86.7 billion euros for the period 2026-2032, financed from the revenues of the Emissions Trading System (ETS), and partly co-financed by countries member. The goal is to support energy-efficient measures, such as access to affordable and energy-efficient housing, clean cooling and heating, RES integration, as well as zero- and low-emission mobility.
Energy portal
Source: energetskiportal.rs
