The EU got 22% of its energy from renewable sources in 2021, but the level varied significantly between countries. Sweden leads the 27 EU countries with its 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and Ireland, renewable sources make up less than 13% of total energy use.
A rapid shift to renewable energy is crucial if the EU is to meet its climate change goals, including a legally binding aim to cut net greenhouse gas emissions by 55% by 2030, from 1990 levels.
Oil prices surged after the OPEC+ group of producers announced a surprise cut in production.
Fears of a fresh banking crisis have been cited as one reason for the cuts. The turmoil in the banking sector has led investors to sell out of risk assets, such as commodities, as a global recession could lead to lower oil prices. This sell-off pushed oil prices down to around $70 per barrel from near an all-time high of $139 in March 2022.
Canada’s 2023 budget took a big step toward luring more investment in clean technology to build a low-carbon economy, according to analysts. But gaps must still be filled to make the country more competitive with the US since it passed over $1 trillion in incentives for clean energy investments in the Inflation Reduction Act (IRA) last year.
Fossil fuels still make up more than 80 percent of the world’s energy mix. But to limit the global temperature rise to 1.5 degrees Celsius above pre-industrial levels, we can’t develop any more new fossil fuel reserves beyond what was planned as of 2021.