Transport: increasing oil consumption and greenhouse gas emissions hamper EU progress towards environment and climate objectives
Mobility plays a key role in the EU economy. However, the EU transport sector still relies heavily on fossil fuels and is responsible for one quarter of Europe’s greenhouse gas (GHG) emissions — a share that keeps growing. In addition, the sector is a significant source of air pollution despite significant progress achieved since 1990, especially of particulate matter (PM) and nitrogen dioxide (NO2), as well as the main source of environmental noise in Europe. Current efforts to limit the sector’s environmental and climate impacts in Europe are not sufficient to meet the EU’s long-term climate and environmental policy objectives.
Source: European Environment Agency
IMF Regional Economic Outlook for Europe
With new waves of COVID-19 infections hitting Europe, the recovery remains halting. However, vaccinations are progressing and thus Europe’s GDP growth is projected to rebound by 4.5 percent in 2021. Policymakers need to prepare measures to stimulate hiring and investment once the pandemic is under control.
Source: International Monetary Fund