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The EU has committed to make Europe the first climate-neutral continent by 2050. Reaching this objective requires massive changes in the region. The biggest challenge is that the green transition happens without sacrificing economic progress and guaranteeing justice and inclusiveness. This pledge implies that every country be capable of addressing the trade-offs between targets while remaining committed towards the common decarbonisation goal. Our paper analyses the success with which countries are carrying out the energy transition. We propose an enhanced hyperbolic distance function and a stochastic frontier analysis approach to model the joint attainment of economic development, environmental sustainability, and energy equity. We apply our model to an unbalanced panel dataset of 29 European countries for the period 2005–2018. Our estimates show that the average performance of the economies has improved over time. The results also highlight the pivotal role of a sustainable economic development with clean energies for both slashing CO 2 emissions and fostering energy equity. Moreover, we find convergence in countries' performance, being this convergence slightly higher for the EU-15 countries compared to the rest. Finally, we show that a higher share of renewable energy sources helps countries that are lagging behind to reach their optimal performance level. [ABSTRACT FROM AUTHOR]

Abstract: Despite increased efficiency in the use of natural resources, the use of these resources continues to increase in most societies. This paper examines the discrepancy between the potential decrease of use of natural resources, as an effect of increased efficiency, and actual use. During the period 1960–2002, this difference was found to grow faster in the USA than the mean for six West European countries. Possible reasons for this difference between the two regions are analysed. To reduce the anthropogenic flows of energy and material, and the consequent deleterious effects on the biosphere, it will become necessary to adapt consumption to degree of efficiency in the use of natural resources. Based on the comparison between the two regions, some economic aspects of this issue are discussed. [Copyright &y& Elsevier]