Representatives of UBB, business and the state discussed the challenges and opportunities in the production of energy from RES
The forum “ESG and the production of energy from RES. Challenge or opportunity?” gathered experts from the energy sector, from UBB, as well as senior representatives of the state administration, last week. The participants in the third expert discussion of the “24 hours and UBB for a sustainable future” project discussed the challenges and opportunities that the transition to ESG poses for business, as well as the opportunities for financing green projects in the industry.
“OBB assesses its role in ESG policy in two directions – what carbon footprint it creates directly with its activities as a group, but more importantly for us, what is the indirect footprint through the industries whose projects we finance. In 2023, the new credit portfolio in support of green projects has reached over BGN 450 million. In the field of photovoltaic installations, this means assistance for just over 20% of investments in Bulgaria.”, shared Dobromir Dobrev – Executive Director “Corporate Banking and Markets” of UBB.
“Energy is the key sector that will enable us to reach the EU-wide goal of carbon neutrality in 2050. To make this possible, investments are needed to push forward the development of solar and wind plants, the electricity transmission system and energy efficiency”said the Minister of Environment and Water, Julian Popov.
According to the Deputy Minister of Energy – Krasimir Nenov, the energy transition is happening faster than we expected, and we are not completely ready for it. “In this process, the government’s role is to provide an investment framework and price signals to the market, to financial institutions and investors. We are moving forward with policies and measures to enable decarbonisation targets to be met with affordable and affordable energy for domestic consumers and industry”assured Nenov.
What are the challenges facing the energy sector, what good practices are applied in the country and what are the most urgent problems to solve were discussed by the participants in the discussion panel, moderated by Associate Professor Marina Stefanova – Deputy Dean “Sustainable Development, Support and Engagement” of the Stopanski Faculty of Sofia University.
A concrete picture of the challenges facing the energy system was outlined by Angelin Tsachev -. executive director of the Electricity System Operator (ESO). He pointed out that ESO has invested BGN 1.2 billion in the last 6 years in the electricity transmission network. Cross-border capacity has been increased, conditions have been created for traders to be part of the common European energy market and for their customers to receive a competitive price for electricity. For the last 2 years, 2,000 megawatts of renewable capacity have been introduced, preliminary contracts for more than 8,500 megawatts have been signed in ESO.
“Much of the investment in RES was made because businesses saw an opportunity to reduce their electricity bills by building their own capacity”shared Nikola Gazdov – Chairman of the Association for Electricity Production, Storage and Trade. “If photovoltaics were expensive 15 years ago, today they are the ones that provide the lowest price”, he pointed out. According to him, if we have better connectivity with Central Europe, the sector will be more competitive and will export and sell energy under long-term contracts.
The topic of guarantees of origin of green energy was raised by the director of the Agency for Sustainable Energy Development Ivaylo Alexiev. According to him, this market will have serious development. The Agency is taking steps towards joining the European Association of Issuing Authorities.
Atanas Georgiev – dean of the Faculty of Economics of SU “Kliment Ohridski” outlined three pillars of energy in transition – security of supplies, climate policies and market liberalization. And he advocated the opinion that it is important for the hours of the day when the price of electricity tends to zero, to attract industries that use this energy. Georgiev added that the investments that will be made in the energy sector must be included in a national framework.
The forum dedicated to the energy sector is the third in a series of expert events for different industries to focus on responsible and sustainable development. The aim of the project, which unites the efforts of 24 Hours and UBB, is to prepare business representatives for the upcoming transformation towards a sustainable future, as well as to show successful practices in Bulgarian enterprises for smart management and the use of new technologies.
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