INSEAD Day 4 - 728x90

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

EU overachieves 2020 renewable energy target

To support the Global South in its energy transition, the IRENA report recommended a reform of global financial systems. (AFP)
  • With more than half of gross final energy consumption from renewable sources, Sweden had by far the highest share among the EU Member States in 2020
  • The Member States that significantly exceeded their 2020 targets were Sweden, Croatia and Bulgaria

At the European Union level, the share of gross final energy consumption from renewable sources reached 22 percent in 2020, according to Eurostat, the statistical office of the European Union.

This is two percentage points (pp) above the target level for 2020, as included in Directive 2009/28/EC on the promotion of the use of energy from renewable sources. This is a major achievement and an important milestone in the EU’s path towards climate neutrality by 2050.

The Directive also defines 2020 national targets, which were set taking into account the starting point and overall potential for renewables in each country. When looking at the national targets, 26 Member States met or exceeded them for 2020. Some countries had to conclude statistical transfers in 2020 to meet their targets. 

The Member States that significantly exceeded their 2020 targets were Sweden, Croatia (both +11 pp) and Bulgaria (+7 pp). France, by contrast, fell short of its target (-3.9 pp).

With more than half of gross final energy consumption from renewable sources, Sweden (60 percent) had by far the highest share among the EU Member States in 2020, ahead of Finland (44 percent) and Latvia (42 percent).

At the opposite end of the scale, the lowest proportions of renewables were registered in Malta (11 percent), followed by Luxembourg (12 percent) and Belgium (13 percent).