An industry body has disclosed that a substantial majority of the EU’s energy production this year has come from carbon-neutral sources.
From January to June 2024, almost 75% of the EU’s electricity was generated from emissions-free sources, as stated by the trade organization representing European electricity interests.
Half of this figure was attributed to renewable sources like wind and solar, while nuclear energy accounted for 24%, the organization announced in a statement released on Monday.
These latest figures show a significant rise from the 68% recorded in 2023.
The organization attributed this remarkable result to an unprecedented increase in renewables entering the grid and the stabilization of the nuclear fleet.
They noted that these figures demonstrate that electricity companies’ decarbonization efforts are years ahead of any other sector.
In 2023, the EU added 56GW of new solar power capacity and 16GW of new wind capacity across the region.
However, a decrease in electricity demand within the bloc has made it easier for solar and wind power to meet more of the demand.
The transition to renewables could face financial challenges in the coming years as energy investors seek better returns.
Last week, BP’s CEO, Murray Auchincloss, reportedly implemented a hiring freeze and suspended offshore wind projects, according to company sources, as he shifted focus to oil and gas to boost revenues.
Auchincloss seems to be responding to shareholder dissatisfaction with the returns from non-hydrocarbon production and the transition to green energy.
A spokesperson mentioned to a UK-based news provider that BP remains committed to becoming an integrated energy company.