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Economy Minister: Bulgaria Has One of The Most Energy-Intensive and Carbon-Intensive Industries

Economy Minister: Bulgaria Has One of The Most Energy-Intensive and Carbon-Intensive Industries
Economy Minister: Bulgaria Has One of The Most Energy-Intensive and Carbon-Intensive Industries
Bulgarian Economy and Industry Minister Bogdan Bogdanov was among the participants in an international green transition forum, Sofia, June 20, 2023 (BTA Photo)
Sofia,  
20.06.2023 11:46
 (BTA)

Bulgaria has one of the most energy-intensive and carbon-intensive industries, Bulgarian Economy and Industry Minister Bogdan Bogdanov said here Tuesday during an international green transition forum. He pointed out that mines are also a factor for that, as nearly 40% of the energy Bulgaria produces comes from coal-fired power plants. "The situation is changing not only because we have made commitments - businesses need new energy resources," the minister said in his address during the three-day Green Week 2023 forum on green transition in Central and Eastern European countries, organized by dir.bg and 3E News with the media partnership of BTA. 

He pointed out that during his work as head of the InvestBulgaria Agency over the last year and a half, it became clear that 100% of the priority investors needed alternative energy sources. According to the Minister, the generation capacity the country now has is very likely to become uncompetitive in the coming years, and even before 2038.

"Companies have very ambitious targets and the state needs to prepare the legislative framework to enable them to achieve their goals, but all possible resources must also be used to ensure a smooth transition to new energy resources and to secure the competitiveness of the business," said Bogdanov.

Bulgaria currently has various resources, but putting to use some of them is seriously delayed, he also said. He pointed to the need to catch up on the Fair Transition Plan and said that if by the end of this year Bulgaria fails to prepare the territorial just transition plans for the Stara Zagora, Kyustendil and Pernik regions, it will lose more than EUR 860 million which are aimed at creating the right infrastructure for business and the State to achieve their decarbonization goals.

The Minister also pointed out that the Solidarity Fund is currently not functioning properly. "Europe has delayed its response and we should make every effort to catch up and Bulgaria should take its place in the structuring of such a fund," Bogdanov said.

He added that there are also the resources under the Recovery and Resilience Plan to be considered, as BGN 5.7 billion have been allocated for decarbonization, circular and low-carbon economy.

"Bulgaria has slowed down considerably and this process needs to be restarted, and we need to catch up to avoid losing our regional advantage as a net exporter of electricity," Bogdanov said.

He further highlighted the need for this country to start investing in balancing capacity, because with the increase of RES capacity for power generation there will be a need for balance. He said that was one of the reasons why the InvestBulgaria Agency worked for Bulgaria's entry in the European Battery Alliance.

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By 00:47 on 03.06.2024 Today`s news

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