In 2021, measurable progress towards the goal of net zero emissions by 2050 began to be made. The EU didn’t just limit itself to ambitious targets, enshrined in laws and regulations. It also put its money where its mouth was. Neither the pandemic nor Russia’s invasion of Ukraine distracted its focus. As a result of the pandemic, the EU agreed to channel 37% of its economic recovery funds to the energy transition, while in response to the invasion of Ukraine, European countries stepped up investments in renewables and energy efficiency as they strived to wean themselves off Russian gas.
In 2022, renewables overtook gas to become the leading source of electricity generation in the EU. Key policies have also been approved, from the extension of carbon pricing to cover the politically sensitive areas of buildings and transport, to the adoption of a carbon border tax to ensure that Europe doesn’t end up importing dirtier and cheaper products from elsewhere.
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