EU Falling Short on Emissions Reduction Target, WoodMac Says

Bloc needs to accelerate energy transition to meet 2030 goal
Expanding pollution trading may boost low-carbon investment

Emissions rise from chimneys at the Turow coal powered power plant, operated by PGE SA, at night in Bogatynia, Poland, on Tuesday, Sept. 29, 2020. Poland may finally be on the path to set the end-date for its unprofitable coal industry as an agreement with mining unions is within sight.Photographer: Bartek Sadowski/Bloomberg

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By Ronan Martin

February 18, 2021 at 12:01 AM UTC

Updated on

February 18, 2021 at 8:23 AM UTC

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Europe will need to accelerate the pace of its energy transition and expand the region’s carbon market to reach an ambitious emissions reduction goal by 2030.

The European Union is currently on track to deliver emissions cuts of 46% on 1990 levels by the end of the decade, short of its 55% target, according to energy consultant Wood Mackenzie Ltd.