Evolution and Impact of the European Union's Energy Policy: From Fossil Fuels to Renewable Energy and Greenhouse Gas Emissions Reduction

Purpose: This scientific work focuses on analyzing the energy transformation in the European Union (EU) from 2000 to 2021, considering the shift from fossil fuels to renewable energy sources and strategies for reducing greenhouse gas emissions. The research aims to understand how the EU's energy policy has influenced the structure of energy production and consumption, as well as the emission of greenhouse gases in its member states, with particular emphasis on key initiatives such as the Kyoto Protocol, the 2020 climate and energy package, and the European Green Deal. Design/methodology/approach: Utilizing a comprehensive dataset and a variety of research methods, this work provides empirical insights into the effects of the EU's energy policy. The analysis examines the impact of implemented initiatives and regulations on the energy mix, noting an increase in the share of renewable energy and a decrease in GHG emissions. Findings: The study revealed that these initiatives and regulations have contributed to a significant change in the energy mix, marking an increase in renewable energy's share and a decline in GHG emissions. However, the research also uncovers challenges and disparities in achieving these goals among different member states. Practical implications: This work makes a significant contribution to the discussion on the efficiency and future directions of the EU's energy policy. It highlights the importance of a holistic approach to energy transformation, which considers both environmental and economic needs and points to the necessity of further research and investment in technological innovation. Originality/value: These findings are crucial for understanding the process of energy transformation in the EU and can serve as a valuable source of information for policymakers, researchers, and stakeholders interested in sustainable development and energy policy.