Iliana Tsanova: 30 billion euros can be attracted for the climate transition in Bulgaria

According to the various instruments from the EU budget to support the climate transition in Bulgaria, nearly 30 billion euros or 45 percent of GDP can be attracted and invested in the economy. This means that there are funding opportunities, the point is to use them in a timely and reasonable manner. This was said in a video address by Iliana Tsanova, Deputy Director General and Chief Risk Officer in the Directorate General "Budget" of the European Commission, during the second day of the largest regional forum on Green Transformation, Innovation and the Industries of Tomorrow - Green Week 2023, organized for the third consecutive year by Dir.bg and 3E-news.

During 3 days, over 130 panelists from 10 countries will discuss the green transition in the countries of Central and Eastern Europe, energy security and connectivity. The first day of the conference focused on the green transition in the countries of Central and Eastern Europe, energy security and connectivity.

Today's second day of the conference focuses on issues of green finance, ESG, circular economy and decarbonization, innovation as a competitiveness factor, AI & EDTECH.

We have serious challenges because the technologies we use today are not quite sufficient to achieve these goals, as a technological transformation is needed not only in energy, but also in transport, industry, agriculture, communal services, Iliyana Tsanova also said. She pointed out that for this purpose, serious financial support is needed, so that the economy and society can be re-adjusted on this sustainable basis. Tsanova reminded that the EU recently approved the standard for green bonds, which is an important step towards creating a deeper and more liquid market for sustainable financing in the EU.

In 2020, the EU negotiated the largest financial package in its history of nearly 2 trillion euros with a commitment to set aside from this total package at least 30 percent to combat climate change, or 605 billion euros, Tsanova said, adding, that it is the largest climate package in the world to date and is three times more than the Community has invested in previous periods.

Tsanova focused on the possibilities of support from the European budget for the climate transition, among which is the Recovery and Resilience Mechanism through the national Recovery and Resilience Plans. If these plans are implemented in full and on time - by the end of 2026, then the projects, which are worth nearly 190 billion euros, will be green investments, said Tsanova. She added that these investments will be financed by issuing European green bonds. Currently, 25 plans are being implemented, nearly 44 billion euros have been issued for green investments alone. So far, 56 percent of these projects are aimed at financing clean transport and infrastructure, and 33 percent are for energy efficiency, Tsanova said.

She focused on another instrument for achieving climate neutrality - the structural and cohesion funds. It is expected that from the entire budget projects for 100 billion euros will be supported under this instrument, and they must also be supported with the goals set in the national energy and climate plans of the EU countries.

The third instrument, which, according to Tsanova, is extremely important for Bulgaria as well, is the Just Transition Mechanism, which is expected to mobilize around 75 billion euros.

The event is organized by Dir.bg and 3E-news in partnership with Electrohold, Euroins, Eurohold, ProCredit Bank, Visa, Glavbolgarstroy Holding, Enery, Geotechmin, GCR, UBB, Artex Engineering AD, Telelink Business Services, TotalEnergy EP Bulgaria, Compass Cargo Airlines, Devnya Cement AD with ANRAV project, UniCredit Bulbank, MET Energy Trading Bulgaria, Dundee Precious Metals, FLAG Fund, European Investment Bank, Platform Brown to Green, TPP "Bobov Dol", Energeo, Bulgarian Development Bank, Electricity System Operator, Bulgartransgaz, Kärcher, ENplus®, Bulgarian Atomic Forum - Bulatom, Solvay Sodi AD, Institute "Big Data for the Benefit of the Intelligent Society" (GATE), DEVIN, Bulgarian Federation of Industrial Energy Consumers (BFIEC), Kaufland, BMF Port Burgas AD , Smart Energy Trade, PIMK OOD, Cheriot Motors AD, Tumba Solutions.