Earlier this year the European Central Bank (ECB) released a landmark report into the misalignment between the credit portfolios of the banks it supervises and European climate objectives, using data from GRESB’s Asset Impact team.
The analysis presented in the report below draws on the same asset-based data used by the ECB to further explore the EU power sector, which was identified by the supervisor as one of the main culprits responsible for the misalignment.
With the sector increasingly under pressure to decarbonize while needing to meet growing demands for energy access and security, this analysis looks at the largest players operating in the EU – those with the scale and influence required to shape the trajectory of the sector from today until 2030.
In this analysis we answer:
- Who ultimately owns and is responsible for the emissions from power generating assets across the EU?
- Which countries are home to the largest emitters?
- How will the sector evolve from now to 2030 based not on promises but on confirmed activities?
- Are we on track to meet EU climate commitments? And if not, what will it take to get there?
Click here to access the full report
Key findings
- Centralization: The EU's power sector is heavily concentrated. In 2024, just 20 companies are ultimately responsible for almost 40% of the sector’s total emissions
- Emissions disparity: One-third of EU power plant emissions are linked to companies domiciled in Germany, Italy, Poland, or France. Yet there is a large degree of disparity between average emissions intensities. Companies in France, for example, are 92% less emission intensive than those in Poland
- Government ownership: Among the 20 largest generators, a striking 88% of power generation is ultimately attributable to national and local governments
- Strategic investments: The largest generators are not necessarily the largest emitters, highlighting that strategic investments in low-carbon technologies can substantially reduce emissions irrespective of the overall volume of power generated
- Coal dependency: Based on currently planned activities, the EU will still rely on coal and gas to supply 5% and 20% of its electricity, respectively, in 2030, resulting in misalignment with EU climate objectives and the IEA Net Zero Emissions by 2050 Scenario
Click here to access the full report
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Listen to a discussion of our findings with Noémie Klein, Chief Impact Officer at GRESB and Alex Clark, Research Director at Asset Impact.