Carbon Reduction Activities in Europe: November 2024
Executive Summary: The European Union has made significant strides in carbon reduction efforts, focusing on climate financing, carbon pricing, and national contributions. The EU’s commitment to gender integration in climate action was reaffirmed, and the European Parliament and Council outlined priorities for COP29. These initiatives are part of a broader strategy to achieve climate neutrality by 2050.
Introduction
Between November 18 and November 24, 2024, the European Union (EU) announced several key initiatives aimed at reducing carbon emissions and advancing its climate goals. These announcements were made in the context of the upcoming COP29 negotiations and reflect the EU’s ongoing commitment to addressing climate change through comprehensive policy measures.
Key Announcements
1. COP29 Priorities
On November 18, 2024, the European Parliament and the Council of the EU published their priorities for the COP29 negotiations. These priorities include a strong focus on climate financing, carbon pricing, and enhancing national contributions to global climate efforts. The EU also emphasized the importance of integrating gender considerations into climate action, reaffirming its commitment to inclusive and equitable climate policies. (Source)
2. Carbon Market Developments
The European Commission released the 2024 Carbon Market Report, highlighting the stability and effectiveness of the EU Emissions Trading System (EU ETS). The report noted a historic reduction of 16.5% in emissions from power and industry installations in 2023, driven by increased renewable energy production and a shift from coal to gas in power generation. The EU ETS is on track to meet its 2030 target of a 62% reduction in emissions from 2005 levels. (Source)
3. REPowerEU Plan
In parallel with the Carbon Market Report, the European Commission announced the auctioning of allowances for the REPowerEU plan, aimed at advancing the clean energy transition and addressing energy poverty. The plan includes auctioning 86,685,000 allowances in 2025 and 58,000,000 in 2026, with adjustments based on price evolution to be communicated in July 2025. (Source)
Conclusion
The announcements made between November 18 and November 24, 2024, underscore the EU’s proactive approach to climate change mitigation. By setting clear priorities for COP29, enhancing the EU ETS, and advancing the REPowerEU plan, the EU is taking significant steps towards achieving its long-term goal of climate neutrality by 2050. These efforts reflect a comprehensive strategy that balances economic growth with environmental sustainability.
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