Europe Increases Energy Profits While Reducing Emissions

The good news in the European Commission’s “Second Report on the State of the Energy Union” has almost been lost amid the angst over the future of the European Union. The report finds that “renewable energy is now cost-competitive and sometimes cheaper than fossil fuels, employs over one million people in Europe, attracts more investments than many other sectors, and has reduced our fossil fuels imports bill by €16 billion.” These facts support the report’s assertion that Europe is on track to meet its ambitious 2020 energy and climate targets. And its larger perspective conclusion is truly eye opening: during 1990 to 2015, the EU’s combined GDP grew by 50% while total emissions fell by 22%. Now that’s a bottom line that adds up to both literal profits and air-clearing benefits.

John Howell, Editorial Director

ReportAlert: Twinings publishes 2016 Social Impact Report.