A new report has shown that the EU is on course to hit its renewable power target for 2020. Both adoption of new clean energy sources and cuts to fossil fuel emissions are on track, but the Union's longer-term goals may not be achievable.

The findings came from the European Environment Agency, who warned that despite the good progress there were warning signs for transport. In this sector, they said progress towards renewable energy was insufficient and dangerous greenhouse gas emissions were on the rise once again.

The EU set a 20pc renewables adoption target for 2020. This figure stood at 16.5pc last year. Although greenhouse gas emissions increased slightly last year, the increase was offset by an incredibly mild winter in 2014, which lessened demand for heating energy.

The Union is also making good progress towards its target of slashing overall energy consumption by 13pc against 2005 figures. Figures for 2015 suggest that a consumption decrease of 11pc has already been achieved. The achievement is a notable one and shows how much progress has been made in a relatively short time.

At the Paris climate deal, the European Union committed to achieving a 27pc share of renewable energy within the overall energy mix by 2030 and a further cut to greenhouse gas emissions by 40pc against levels recorded in the 1990s. 

However, the EEA believes that the 2030 target will be difficult to achieve due to ongoing market barriers and changes in regulation which will dent investor confidence. The impact of Brexit is also yet to be fully seen on investor behaviour and impacts on government policy in both the EU and Britain, as subsidies are seen as an important influence on the global energy markets.