Latvia energy transition holdings

Will electricity be the cornerstone of Latvia's energy transition?

Electricity will be the cornerstone of Latvia’s energy transition. Latvia’s hydro-dominated electricity system provides a favourable starting point to use clean electricity to decarbonise other economic sectors and meet the target of 57% renewables in total final consumption by 2030.

What is Latvia's energy transition strategy?

Latvia's current government strategy emphasizes transitioning from a heavy reliance on fossil fuel energy sources to an independent energy supply and the justified application of renewable resources. This policy also highlights energy consumption reduction as important issues for this decade.

Will IEA continue cooperation with Latvia?

We look forward to continuing the IEA’s cooperation with Latvia as it takes significant steps to advance its energy transition.” The report finds that the creation of a new Ministry of Climate and Energy in January 2023 has been an important step towards meeting many of the country’s energy and climate goals.

Can Latvia achieve climate neutrality by 2050?

Actions taken today to reduce emissions will inform the pace and scale of Latvia’s energy transition and achieving its ambitious goal of climate neutrality by 2050, according to a new in-depth policy review by the International Energy Agency (IEA).

How has Latvia managed to unlink its energy dependency from Russia?

Overall, Latvia has made considerable progress in unlinking its energy dependency from Russian imports in a short period of time, including by imposing bans on the import of electricity and natural gas from Russia in 2023. The government is also changing its storage model for oil reserves to further fortify its oil security.

How is Latvia's energy policy changing?

Latvia is steadily changing its energy policy due to the European Union’s energy market diversification plan and its ambitious environmental goals. After the restoration of its independence, Latvia has started to shift to an energy policy that leans heavily towards green energy.