Energy economic developments in Europe
In recent years, the EU has set an ambitious agenda to foster the transition to low carbon economies. The Climate and Energy Package adopted in late 2008 sets an EU-wide 20% greenhouse gas emission reduction target for the 27 Member States by 2020, 20 % share of energy from renewable sources in EU gross energy consumption by 2020 and a 20% decrease in primary energy use by 2020. At the core of this strategy is an objective of achieving greenhouse gas emissions reduction while improving security of supply and promoting the emergence of new green sectors. The recent crisis has not put a brake on this level of ambition as these 20/20/20 targets are part of a broad coordinated exercise of economic and fiscal policies in the context of the European Semester.