The Impact of Economic and Social Indicators on Achieving Climate Neutrality in the EU

Currently, the global energy balance is undergoing serious structural transformations. The deteriorating environmental situation in the world has prompted countries to take a course towards achieving environmental neutrality. This particularly affected European countries, for which expedited decarbonization transcended the environmental agenda and became one of the leitmotifs of the general policy of the region. It is crucial to note that some countries, such as the Scandinavian countries, are much more successful in achieving carbon neutrality, while others, like Germany and France, are moving towards this goal more gradually. From a research point of view, it is interesting to learn and calculate what determines the speed of achieving carbon neutrality. The present study aims to identify these economic and social characteristics of countries that influence the success of decarbonization. For this purpose, a quantitative study was conducted, which included a correlation and regression analysis of panel data for 10 years from 2013 to 2022, accumulated from official available sources. The results obtained can be the substructure for drawing conclusions on what social and economic characteristics of countries hinder or facilitate decarbonization.