Minister Bogdanov: Business Needs New Energy Resources

Minister Bogdanov: Business Needs New Energy Resources

We need to use absolutely all possible sources to ensure a smooth transition to new energy resources so that business can operate in a competitive environment. Companies set themselves very ambitious goals and it is the state that has to provide the right environment and legislative framework. This was said by the Minister of Economy and Industry Bogdan Bogdanov during the three-day Green Week 2023 forum on the green transition in Central and Eastern Europe.

Minister Bogdanov: Business Needs New Energy Resources

During the event, Minister Bogdanov noted that Bulgaria has one of the most energy and carbon intensive industries. ‘The situation is changing not only because we have made concrete commitments — businesses need new energy resources,’ the Minister said at the largest regional forum on green transformation, innovation and tomorrow’s industries.

‘We can use the moment to restructure our industries and ensure business stability, he said, reminding that BGN 5.7 billion have been allocated in the Recovery and Resilience Plan under the decarbonisation, circular and low carbon economy. Bulgaria has slowed down significantly and this process needs to restart and we need to catch up in order not to lose our regional advantage as a net exporter of electricity,’ Bogdanov said.

In his words, Bulgaria has various resources, but some of them are seriously delayed. He pointed to the need to catch up on the Just Transition Mechanism and pointed out that if by the end of this year our country does not develop the territorial mechanisms for the regions it could lose over EUR 860 million — funds directed to creating adequate infrastructure to enable business and the state to achieve their decarbonisation goals. The minister also said that currently the Solidarity Fund is not functioning properly. ‘Europe has delayed its reaction and we should make every effort to catch up and Bulgaria to take its place in the structuring of such a fund’, Bogdanov added.

The Minister of Economy and Industry pointed out that in his meetings with priority investors over the past year, 100% of them have highlighted the need for alternative energy sources. He also stressed that Bulgaria’s inclusion in the European Battery Alliance is key. ‘Not only because this is an environment in which we can work together with our European partners — to exchange ideas, to work on new projects, but this is the environment in which Bulgaria can contribute with the capacities we have already built’, he was adamant. According to him, there is already an active dialogue on the use of Bulgarian capacity for recycling batteries and raw materials. ‘Bulgaria can also play a key role here and it is crucial that we continue this discussion’, he concluded.