If we want to lead the energy transition, we need to act fast

The energy sector is changing extremely fast globally, and we must not slow down. If we want to lead the transformation, we must act quickly and decisively. Otherwise, we'll just fall behind everyone else in our region. This was the view expressed by Genady Kondarev, Senior Associate for Central and Eastern Europe at E3G – an organization working to achieve a safe climate future.

He took part in the "Expanding Opportunities" webinar, organized by Brand Media Bulgaria, which emphasized the opportunities for European funding, the experience of various entrepreneurs and successful ways of transforming coal regions. The moderator of the event was Angelina Todorova, an expert on European policies and former deputy minister of regional development of Bulgaria.

Kondarev explained that during the COP28 meeting, world leaders agreed to triple the goals set for the energy transition by 2030. This, according to him, is changing economies and different sectors.

He is of the opinion that there is no shortage of funds to ensure a safe transition. He gave the example of the Recovery and Resilience Plan, which invests 136 billion euros of EU funding alone to ensure smooth and secure energy transition. Apart from this, there’s also funding included in the Just Transition Fund, in the Modernization Fund, and in a number of other European programs.

The number 1 priority for Bulgaria should be not missing out on these available funds," said Kondarev.

He recalled the risky situation with the next payment in the country’s Recovery Plan. According to him, the financing must be secured, the planned reforms must be made so that the final beneficiaries can benefit from the money.

Efforts must be directed at addressing energy poverty and supporting those who are most vulnerable - the energy poor."

According to him, not enough attention is paid to the middle class and small and medium-sized enterprises, and in many other European countries, these are the groups that can change the perception of the energy transition. Society perceives the Green Deal as an outpour of money, which, however, then gets lost somewhere rather than invested in energy efficiency.

Investors who can really change perceptions about money squandering need to get involved.”

Regarding the social aspect of the transition, Kondarev commented that fair compensation should be provided for those working in the affected regions, as long as it does not violate European rules.

Changes should not happen overnight. We need to consider how to equip people with new skills and qualifications so they can move gradually to another job position."

Co-financed by the European Union. The views and opinions expressed, however, are entirely those of their author(s) and do not necessarily reflect the views and opinions of the European Union or the European Commission. Neither the European Union nor the European Commission is responsible for them.

Translated by Tzvetozar Vincent Iolov