site.btaEuropean Investment Bank to Advise Energy Ministry on Achieving Fair Environmental Transition

Energy Minister Zhecho Stankov signed a consultancy agreement with the European Investment Bank (EIB), which aims to facilitate the process of decarbonisation of the Bulgarian coal-fired plant complex, the Ministry’s press office said in a statement on Thursday.

The agreement signed on Thursday provides for advisory support from the EIB for the reduction of emissions of greenhouse gases and rejuvenation of the Maritsa East complex. The Bank's experts will work with the Energy Ministry to ensure the timely development of renewable energy projects to reduce the complex's energy costs. The EIB's services will also help strengthen the Ministry's administrative capacity to manage projects and expand EU funding, the Ministry said.

“Efforts to decarbonise the strategic Maritsa-East complex are key to its sustainable development and to ensuring conditions for competitiveness and growth of the economy and better welfare of Bulgarian citizens. We are happy that the European Investment Bank, an institution with long experience and proven expertise, is the government's partner in this activity," Energy Minister Zhecho Stankov said at the signing of the agreement. According to Minister Stankov, the cooperation with the bank will ensure sustainable long-term operation of the Maritsa East complex in line with the challenges of a green future.

"Promoting economic and social cohesion is at the heart of the EIB's mission and we stand ready to support the just transition of Bulgarian regions affected by the decline of carbon-intensive industries," EIB Vice-President Kyriakos Kakouris said. He stressed the Bank's commitment to ensuring that no one is left behind in the transition to a low-carbon and climate-resilient economy.

This is the next stage in the cooperation between the Energy Ministry and the European Investment Bank in the decarbonisation process. The technical assistance provided so far by the Bank has played a key role in identifying priority areas where the state can intervene to direct Bulgaria's decarbonisation agenda, the announcement added.