The European Commission has given the green light to Bulgaria’s Recovery and Resilience Plan (RRP), said the President of the European Commission Ursula von der Leyen, describing the plan as exclusive and one of the strongest green plans within the European Union. In her words, the Plan meets very strict requirements and conditions while it combines the green transition with reforms.
The Commission’s assessment has found that Bulgaria’s plan devotes 59 per cent of its total allocation to measures that support climate objectives. This includes significant investments to accelerate the decarbonisation of the energy sector, tripling power generation from renewables by 2026, building up large electricity storage capacities, cutting greenhouse gas emissions of the power sector by 40 per cent by 2025 and setting out a framework for the coal phase-out.
The plan also covers support for energy-efficiency renovation of the building stock, as well as targeted reforms to facilitate these investments. Sustainable transport is also promoted. Measures in the areas of water management and biodiversity conservation and restoration will also be key in the context of the objectives of the green transition.
Prime Minister Kiril Petkov stressed that the RRP, which is worth 6.3 billion euros is innovative and will finance the change in Bulgaria. He also emphasised the possibility to transform the national economy and to have guaranteed energy security and independence. In their regard, Mr Petkov recalled that the Gas Interconnector Greece-Bulgaria (IGB) will be completed by June and along with the Recovery and Resilience Plan will bring great energy independence to the country.
Photo: Christophe Licoppe/European Union 2022