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☆ Key question around the green transition is affordability, says RWE CEO
▼ + stars: | 2024-04-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKey question around the green transition is affordability, says RWE CEOMarkus Krebber, CEO of RWE, discusses the green transition and geopolitical tensions.

Persons: Markus Krebber

☆ Less demand driven by warmer winters, RWE CFO says
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLess demand driven by warmer winters, RWE CFO saysMichael Müller, CFO of RWE, discusses the company's earnings, how less demand for gas is driving down profit, and his outlook for 2024.

Persons: Michael Müller Organizations: RWE

☆ Top business leaders bemoan archaic systems in Europe that are curbing climate solutions
▼ + stars: | 2024-01-26 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +2 min

Ester Baiget, the CEO of biosolutions firm Novozymes, said that "roadblocks" usually stand in the way of companies producing sustainable solutions which needed to be removed. watch nowMicrobes have been put forward as an alternative to reduce the use of chemical fertilizers, which contribute to greenhouse gas emissions. However, new microbial fertilizers need to go through regulatory approval before going to market. We need to rethink regulation in regions like Europe." Kadri also said there was a "lack of competitiveness in Europe," referring to the difficulties faced by her sector.

Persons: Lukas Schulze, Ester Baiget, Novozymes, Baiget, Steve Sedgwick, Ilham Kadri, Kadri Organizations: Getty, CNBC, Economic Locations: Bergheim, Germany, Davos, Switzerland, Europe

☆ Goldman Sachs says it's time to buy this unloved global sector — and names some top stocks
▼ + stars: | 2024-01-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Europe's utilities sector may have come under pressure over the past three years, but Goldman Sachs says a shift is underway, naming stocks to play the industry in 2024. But things are looking up for Europe's utilities sector, according to Goldman Sachs' analysts led by Alberto Gandolfi. Stock picks German energy company RWE is among the stocks highlighted by Goldman, which said it continues to value its renewables business. Goldman has a buy rating on the stock, which is also on its conviction list of top picks. The bank has a price target of 22 euros on the company, giving it just over 33% potential upside.

Persons: Goldman Sachs, Alberto Gandolfi, inflecting, Goldman, Solaria, — CNBC's Michael Bloom Organizations: Renewable Energy, U.S . Federal Reserve, Italian Hydro Locations: Ukraine, Spanish

☆ Governments take action to keep offshore wind projects on track
▼ + stars: | 2023-12-05 | by ( Susanna Twidale | ) www.reuters.com time to read: +6 min

[1/2] Scroby Sands offshore wind farm can be seen off of the coast at Great Yarmouth, Britain, October 24, 2018. Investors told Reuters governments have since shown willingness to pay higher prices, helping to restore confidence in the future of the industry. Britain's last auction in September failed to attract any offshore wind projects, with developers saying the guaranteed price on offer was too low. Britain's Octopus launched a dedicated fund with Japan's Tokyo Gas (9531.T) to invest 3 billion pounds ($3.7 billion) in offshore wind projects by 2030. Soeren Lassen, head of offshore wind Research at WoodMac said more than 50 GW of offshore wind tenders globally are planned for 2024.

Persons: Chris Radburn, ”, Jonathan Cole, Corio's Cole, Keith Anderson, Anderson, Marc Hedin, Nathalie Gerl, Germany's RWE, Soeren Lassen, WoodMac, Susanna Twidale, Nichola Groom, Scott DiSavino, Simon Webb, Jane Merriman Organizations: REUTERS, Governments, Investors, Corio Generation, Power, New York, Energy, New York State Energy Research, Development Authority, Aurora Energy Research, Research, Ireland, Aurora, Gas, Thomson Locations: Great Yarmouth, Britain, U.S, New York State, China

☆ Iberdrola and Masdar to invest $16 billion in green energy
▼ + stars: | 2023-12-05 | by ( Pietro Lombardi | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Iberdrola SA FollowRwe Ag FollowMADRID, Dec 5 (Reuters) - Spanish renewable energy giant Iberdrola (IBE.MC) and UAE clean energy developer Masdar have formed a 15 billion euro ($16.2 billion) alliance to invest in offshore wind and green hydrogen in countries including Germany, Britain and the United States. The agreement announced on Tuesday follows a pledge by 118 countries at the COP28 climate summit in Dubai to triple the world's renewable energy capacity by the end of the decade as they seek to wean themselves off fossil fuels. "Reaching this goal will require immediate action from these governments and the private sector," said Iberdrola Executive Chairman Ignacio Galan. "With an abundance of wind resources, the UK and Europe are prime markets for Masdar," said Masdar Chief Executive Mohamed Jameel Al Ramahi. Last week Masdar and Germany's RWE (RWEG.DE) said they would co-develop a 3 GW wind project off the coast of Britain.

Persons: Dado Ruvic, Ignacio Galan, Mohamed Jameel Al Ramahi, Germany's, Iberdrola, Pietro Lombardi, Jakub Olesiuk, Kirsten Donovan, David Goodman Organizations: REUTERS, East Anglia, Masdar, China, Thomson Locations: MADRID, UAE, Germany, Britain, United States, Dubai, Iberdrola's, East, Spanish, Europe, Baltic

☆ RWE has the financial opportunity to invest in green technology, says CEO
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRWE has the financial opportunity to invest in green technology, says CEOMarkus Krebber, CEO of RWE, discusses the company's investment in renewables, as it plans to invest 55 billion euros worldwide between 2024 and 2030.

Persons: RWE, Markus Krebber

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

European markets were mixed on Tuesday, with investors looking ahead to preliminary third quarter gross domestic product data from the euro zone, along with October's U.S. inflation print. The pan-European Stoxx 600 index was roughly flat in early trade. Other data releases include the single currency area's unemployment figures for the third quarter and Germany's ZEW survey of economic sentiment in November. Asia-Pacific markets rose overnight as investors looked ahead to highly anticipated talks between the U.S. and China as well as more economic data. U.S. stock futures were flat overnight as investors prepare for the October consumer price index reading slated for release before the start of U.S. trading.

Persons: Joe Biden, Xi Jinping's Organizations: October's, Vodafone, RWE, Imperial Brands ., U.S, Federal Locations: Imperial Brands . Asia, Pacific, China, San Francisco

☆ Orsted's finance and operations chiefs out after big losses
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and delays in the supply chain struggling to cope with growing demand. Orsted, the world's largest offshore wind developer, on Nov. 1 scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments after delays, partly due to vessel availability, meant costs soared. "Together with the finance team and the group executive team, Rasmus Errboe will lead the work on supporting Orsted's capital structure and long-term commitment to its credit rating," the company said. Board member Andrew Brown, who has executive experience from Shell and Portugal's Galp, was appointed interim COO, Orsted said. The company said contracts it had signed for its U.S. offshore wind projects were secured recently and were therefore more reflective of current costs.

Persons: Tom Little, Rasmus Errboe, Andrew Brown, Daniel Lerup, Richard Hunter, Orsted, Mads Nipper, Nipper, Essi Lehto, Susanna Twidale, Louise Rasmussen, Mark Potter Organizations: REUTERS, Shell, RWE, Thomson Locations: Nysted, Denmark, HELSINKI

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

Of those to set a target, just 37% had one that covered their Scope 3 emissions, or those tied to a company's value chain. "A clear line in the sand on net zero has surfaced. Countless net zero targets are credibility light, but now we can say for certain that most of the world's largest listed companies are on the right side of the line on net zero intent," said John Lang, Project Lead, the Net Zero Tracker. As well as companies, the Net Zero Tracker tracks pledges made by nations, states and regions, and cities using machine and human data analysis. Alongside Oxford Net Zero, the consortium includes The Energy & Climate Intelligence Unit (ECIU); Data-Driven EnviroLab (UNC) and the NewClimate Institute.

Persons: Wolfgang Rattay, John Lang, Simon Jessop, Mark Potter Organizations: REUTERS, Nations, Dubai LONDON, Oxford University, Dubai, Oxford, The, Climate Intelligence, UNC, NewClimate Institute, Thomson Locations: Niederaussem, Germany, Dubai

[1/4] A view of the turbines at an offshore wind farm near Nysted, Denmark, September 4, 2023. Time is short: The EU has a legally binding goal to nearly double renewable sources as a share of total energy by 2030, to 42.5%, requiring a rapid expansion of offshore wind. But of the governments surveyed, only Britain and Poland said they had invested or budgeted for steps to improve the security of offshore infrastructure. It requires a lot of effort from the government side," said Mattia Cecchinato, senior adviser for offshore wind at WindEurope. It said it would establish a permanent coast guard base close to where offshore wind farms are planned.

Persons: Tom Little, Thomas Almegaard, Vladimir Putin, Mads Nipper, Orsted, Ewa Skoog Haslum, James Appathurai, Germany's RWE, Anitta, Mattia Cecchinato, Rasmus, Krzysztof Jaworski, Orsted's Errboe, Benjamin Mallet, Riham, Elizabeth Piper, Toby Sterling, Andrius Sytas, Marek Strzelecki, Sara Ledwith Organizations: REUTERS, Reuters, Baltic Seas, EU, NATO, NewNew, Sweden's, Soaring, Emerging, Research, Solutions, Internal, Fund, Military, Naval Operations Centre, Polish Navy, Thomson Locations: Nysted, Denmark, Europe, Baltic, Nord, Finland, Sweden, Estonia, Russian, Russia, NewNew Shipping, Netherlands, Britain, Poland, Germany, North, Swedish, Copenhagen, Moscow, Sofia, European, Anitta Hipper, Belgium, Norway, France, Lithuania, Latvia, Baltic . Poland, Paris, Berlin, London, Amsterdam, Vilnius, Warsaw

☆ New York throws support behind offshore wind with three project awards
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The announcement, which the state billed as the nation's largest ever investment in offshore wind, comes less than two weeks after New York regulators rejected requests by three offshore wind developers to renegotiate their contracts because of soaring costs. In response, Governor Kathy Hochul pledged to support renewable energy projects to meet the state's climate change goals. The Biden administration, which has made offshore wind development a cornerstone of its plan to decarbonize the nation's power grid, applauded the move. New York is also committing $300 million to the development of offshore wind component manufacturing facilities planned by GE Vernova (GE.N). New York Offshore Wind Alliance Director Fred Zalcman said the announcement "will go a long way towards instilling confidence in a market that has recently faced tremendous headwinds."

Persons: Kathy Hochul, France's TotalEnergies, Germany's, Hochul, Biden, John Podesta, Fred Zalcman, Nichola Groom, Bill Berkrot, Jonathan Oatis Organizations: New York, Denmark's, Denmark's Copenhagen Infrastructure Partners, White House, Power, Corio, Grid, Excelsior, GE Vernova, Offshore Wind Alliance, Thomson Locations: New, York, Denmark's Copenhagen, New York, America, RWE, . New

But even EU countries clashed over how ambitious to be - and their ministers were locked in talks into the evening on Monday. The faultlines tended to fall between wealthier EU members seeking rapid climate action, and poorer economies concerned about the cost of quitting fossil fuels. Another submission, by Saudi Arabia, did not explicitly mention a fossil fuel phase-out. 'NOT VERY HOPEFUL'The resistance shows how hard it will be to strike an ambitious climate deal at COP28. "I am not very hopeful," Carlos Fuller, U.N. climate negotiator for Belize, said of the fossil fuels phase-out - which Belize supports.

Persons: Wolfgang Rattay, Carlos Fuller, COP28, Jennifer Morgan, Natalie Jones, Kate Abnett, Glwadys Fouche, Katy Daigle, Barbara Lewis Organizations: REUTERS, Rights, Diplomats, Reuters, African Group, International Institute for Sustainable Development, Thomson Locations: Niederaussem, Germany, Rights BRUSSELS, Poland, Czech Republic, COP28, Russia, Saudi Arabia, Belize, COP27, China, Japan, United States, Colombia, Norway, U.N, Paris, Oslo

☆ Deutsche Bank just cut its price target on nearly 30 global stocks ahead of earnings — and upgraded 1
▼ + stars: | 2023-10-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating "buy" ratings on the stocks but lowering their price targets by 2% and 12%.

Organizations: Deutsche Bank, E.ON, Fineco Bank Locations: Swiss, Enel

☆ 'Fertile ground': Goldman names stocks to tap a $6 trillion renewables market, gives one 58% upside
▼ + stars: | 2023-10-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

"This would suggest very fertile ground for the Green Energy Majors," they said, referring to the major stocks. Revisiting green energy stocks Goldman said these buy-rated stocks are among the "most interesting names": German offshore wind power generation company RWE . Goldman's price target: 54 euros ($56.60), giving it an implied upside of about 58%. Goldman's price target: 5.25 euros, giving it an implied upside of about 37%. Spanish solar energy firm Solaria : Goldman's price target: 17.5 euros, giving it an implied upside of about 24%.

Persons: Goldman Sachs, Goldman, Michael Bloom Organizations: Green Energy Locations: Europe, United States, U.S, Portuguese, Spanish

SEASIDE HEIGHTS, N.J. (AP) — A proposed wind energy project off New Jersey would be among the farthest from land on the East Coast, the New York-based development company said Monday. Wind power developers have struggled to make progress, however, due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. Orsted, the Danish wind energy company, would build its first project about 13 to 15 miles off the coast of Atlantic City and Ocean City. “Offshore wind development makes no sense from either an environmental or economic standpoint,” he said. It is pursuing another offshore wind project in New York about 50 miles south of Jones Beach.

Persons: —, Damian Bednarz, ”, “, Bednarz, Orsted, Robin Shaffer, ___, Wayne Parry Organizations: Energy, Associated Press, Community, Grid, Office, New, New Jersey Wind, Corio, Twitter Locations: N.J, New Jersey, East Coast, New York, Seaside, East, Chicago, Long, Essen, Germany, Atlantic City, Ocean City, Coast NJ, Paulsboro, Jones Beach, Houston, Boston, London, www.twitter.com

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

They come as New Jersey continues to grow as a hub of opposition to offshore wind projects from residents' groups and their political allies, mostly Republicans. The state's Democratic governor and Democratic-controlled Legislature want to make the state the East Coast leader in offshore wind energy. “Our goal is to bring offshore wind energy monitoring activities into this partnership. Opponents of offshore wind blame the deaths of 70 whales along the East Coast since December on offshore wind site preparation work. Earlier this week, Republicans in the state Senate called for a moratorium on all offshore wind projects.

Persons: Doug Perkins, “, ”, Jon Hare, Perkins, David Shanker, ” Shanker, Wayne Parry Organizations: CITY, Democratic, East Coast, Grid Ventures, National Oceanic, Atmospheric Administration, Fisheries Science Center, NOAA, Atlantic City, National Marine Fisheries Service, Right Whales Coalition, Twitter Locations: N.J, New Jersey, Essen, Germany, New York, Long, , New York, Denmark, Ocean City, Atlantic, East Coast, American, Orsted, www.twitter.com

[1/2] Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. BP plans to spend $55 billion to $65 billion on its new transition businesses between 2023 and 2030, when the sum will equal its investment in oil and gas. BP recently opened a new office in Hamburg which will oversee its offshore wind expansion. BP operates two refineries in Germany -- Lingen and Gelsenkirchen -- as well as Aral, Germany's largest petrol station network. Looney had defended the offshore wind bid, saying he expected strong demand for clean energy.

Persons: Kacper, Patrick Wendeler, Bernard Looney, Wendeler, Looney, Christoph Steitz, Ron Bousso, Alexandra Hudson Organizations: British, REUTERS, EV, BP, Reuters, Reuters Graphics BP, Volkswagen, BMW, Rivals, Shell, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: Pienkow, Poland, FRANKFURT, LONDON, Germany, BP Europe, Hamburg, Lingen, Gelsenkirchen

☆ Offshore wind drops out of UK auction on costs, risking climate goals
▼ + stars: | 2023-09-08 | by ( Nora Buli | ) www.reuters.com time to read: +4 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. The result was bad news for Britain's 2050 net zero emissions target, which calls for 50 gigawatts (GW) of offshore wind capacity by 2030 versus around 14 GW now. In a 2022 auction, offshore wind projects were the main recipient of funding, with 7 gigawatts (GW) awarded, but developers did not even bid in the latest auction, the results of which were published on Friday. The lack of new offshore wind capacity would cost consumers 1 billion pounds a year, it added. Bid prices for renewable energy CfDs are expressed in 2012 money, with inflation meaning actual prices are higher.

Persons: Orsted, Phil Noble, Graham Stuart, Ed Miliband, Sweden's Vattenfall, Nora Buli, Miral Fahmy, Jason Neely Organizations: REUTERS, UK's Department for Energy Security, Turbine, Energy, Britain, Labour Party, Conservatives, Thomson Locations: Walney, Blackpool, Britain, OSLO, Oslo

☆ First US offshore wind auction in Gulf of Mexico attracts paltry interest
▼ + stars: | 2023-08-29 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

RWE is among the world's largest offshore wind developers, with an extensive portfolio in Europe, and has also secured leases off the coasts of California and New York. The Southeast also has low power prices that could make it harder for higher-cost offshore wind generation to compete for electricity contracts. Texas does not have an offshore wind target. "Today's auction results show the important role state public policy plays in offshore wind market development," Liz Burdock, CEO of the Business Network for Offshore Wind, said in a statement. They included offshore wind development arms of European energy companies Equinor (EQNR.OL) and Shell (SHEL.L), who also have oil and gas operations in the Gulf.

Persons: Karen, Steve Nesius, Biden administration's, Germany's, RWE, Liz Burdock, Joe Biden's, ”, Elizabeth Klein, Nichola, Marguerita Choy, Nick Zieminski Organizations: REUTERS, ASA, Texas, U.S . Bureau of Ocean Energy Management, Carolinas, Business Network, Offshore, of Ocean Energy Management, Shell, . Developers, Thomson Locations: Dauphin Island , Alabama, Gulf of Mexico, Louisiana, New York, New Jersey, California, Europe, U.S, Gulf, Mexico, Texas, of Mexico

☆ Offshore Wind Auction for the Gulf of Mexico Gets a Tepid Response
▼ + stars: | 2023-08-29 | by ( Lisa Friedman | More About Lisa Friedman | ) www.nytimes.com time to read: +1 min

The first auction of leases for wind farms in the Gulf of Mexico, which the Biden administration had heralded as part of its effort to expand clean energy, ended on Tuesday with just one of three available tracts sold. The lackluster bidding underscored a number of problems facing the offshore wind industry as companies struggle with soaring costs spurred by inflation, rising interest rates and permitting delays, energy experts said. The challenges pose a threat to President Biden’s climate agenda, which calls for building offshore wind farms to power 10 million homes by the end of this decade. Together, they have the potential to produce electricity to power almost 1.3 million homes, the agency said. There were no bids for the tracts off Galveston.

Persons: Biden Organizations: of Ocean Energy Management Locations: Gulf of Mexico, Lake Charles, La, Galveston , Texas, RWE, Germany, Galveston

☆ EU greenhouse gas emissions fall 3% in the first quarter
▼ + stars: | 2023-08-16 | by ( Olivier Sorgho | ) www.reuters.com time to read: +1 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsCompanies Eurostat FollowAug 16 (Reuters) - Greenhouse gas emissions in the European Union fell by nearly 3% in the first quarter of 2023, even as the bloc's economy grew slightly, statistics agency Eurostat said on Wednesday. The EU's emissions over the January to March quarter amounted to 941 million metric tonnes of CO2 equivalents, down 2.9% from a year earlier, while the economy grew 1.2% year-on-year. Emissions fell in 21 of the bloc's 27 countries, with the largest decreases seen in Bulgaria, Estonia and Slovenia. Households were responsible for the biggest share - nearly a quarter - of total greenhouse gas emissions, Eurostat said, while manufacturing accounted for a fifth. Electricity and gas supply - the sector where emissions fell the most - still contributed 19% to the total figure, with agriculture accounting for 13% and transportation and storage responsible for 10%.

Persons: Neurath, Wolfgang Rattay, Olivier Sorgho Organizations: REUTERS, European, Eurostat, heatwaves, Electricity, Thomson Locations: Cologne, Germany, Portugal, Spain, Bulgaria, Estonia, Slovenia, Ireland, Latvia, Slovakia, Denmark, Sweden, Finland

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