拉脱维亚2024能源政策审查（英）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Latvia's energy transition is gaining momentum, supported by the establishment of a new Ministry of Climate and Energy and the need to reduce dependence on Russian energy imports [3][13] - The electricity sector is primarily renewable, with around 76% of domestic generation from renewable sources, but further decarbonization is necessary in transport and buildings [6][47] - Latvia aims to reduce GHG emissions by 65% from 1990 levels by 2030, with significant progress already made, although recent years have seen emissions increase [7][48] - The government is focusing on energy efficiency and fuel switching in sectors that still rely heavily on fossil fuels [12][51] - Energy security is a priority, especially in light of the energy crisis caused by the Russian invasion of Ukraine, leading to a significant reduction in energy imports from Russia [13][37] Summary by Sections General Energy Policy - Latvia's energy system is diversified, with significant shares of bioenergy and hydropower, but still relies on imported fossil fuels [16][21] - The country has set ambitious targets for GHG emissions reduction and climate neutrality by 2050, necessitating a focus on the buildings and transport sectors [16][30] - The government is updating its National Energy and Climate Plan to align with EU targets and enhance energy security [30][31] Energy Production, Supply, and Demand - Bioenergy is the main domestic energy source, covering two-fifths of total energy supply, while the buildings sector accounts for nearly half of energy demand [21][22] - The electricity generation mix is dominated by hydropower, with a notable decrease in natural gas usage due to high prices [24][33] Energy and Climate Change - Latvia's GHG emissions fell by 59% from 1990 to 2021, with energy-related emissions accounting for 65.6% of total emissions [59][61] - The transition to renewable energy has significantly reduced emissions from electricity generation, but transport remains a major challenge [64][66] Institutional Overview - The newly established Ministry of Climate and Energy is responsible for coordinating energy and climate policies, working alongside other governmental bodies [26][68] - The Public Utilities Commission regulates the energy sector, ensuring compliance with tariffs and regulations [27] Recommendations - The government should issue detailed sectoral roadmaps for achieving decarbonization targets and ensure adequate financial backing for energy transition initiatives [57] - Streamlining permitting processes and modernizing energy infrastructure are critical for facilitating investment in clean energy [57][50]