The European Union has agreed to reduce greenhouse gas emissions by at least 40 per cent from 1990 levels by 2030.
Renewable energy will make up at least 27 per cent of final energy consumption with a minimum 27 per cent reduction in energy consumption compared to business-as-usual.
EU Climate Action Commissioner Connie Hedegaard said the EU is on track to meet its targets following the release of its annual Progress Report yesterday.
European Union (EU) greenhouse gas emissions fell almost 2 per cent between 2012 and 2013, putting the EU very close to its 2020 reduction target, according to the European Environment Agency (EEA)
The EU is likely to cut greenhouse gas emissions by at least 21 per cent of 1990 levels by 2020, surpassing its 20 per cent target, the EEA said.
With 14 per cent of final energy consumption generated by renewable sources in 2012, the EU is also ahead of the planned trajectory to hit 20 per cent renewable energy by 2020.
Likewise, the EU's energy consumption is also falling faster than would be necessary to meet the 2020 energy efficiency target.
"Our analysis shows that Europe is on track towards its 2020 targets," Hans Bruyninckx, EEA executive director, said.
"Even against the backdrop of economic recession in recent years, we can see that policies and measures are working and have played a key role in reaching this interim result. But there is no room for complacency. The analyses we are publishing today also highlight countries and sectors where progress has been slower than planned."