Investment in clean energy likely to be double figure for fossil fuels in 2024, IEA says
GuardianJUN 2024
Renewable energy sources are now generating more energy than fossil fuels in the EU, marking a watershed moment in the power sector. If member states continue to invest in renewable energy and energy efficiency initiatives as planned in the aftermath of Russia's invasion of Ukraine, they will be on track to achieve their objectives and successfully transition away from fossil fuels.
Despite progress towards climate neutrality, the EU and Germany still import fossil fuels due to domestic supply challenges. The Russian invastion of Ukraine, coupled with the energy crisis, has brought attention to the issue of import dependency and the need for renewable energy growth as a possible solution. Europe has learned to minimize its reliance on Russian supplies, but still imports substantial amounts of refined oil products and LNG from other sources.
There is a 22% chance the European Union will meet its 2030 targets under the Paris Climate Treaty, according to the Metaculus prediction community.