Friday 8 April 2022

EU to fund Bulgaria’s €6.3bn recovery plan

EU to fund Bulgaria’s €6.3bn recovery plan

The European Commission has approved Bulgaria’s latest recovery and resilience plan, providing €6.3 billion in grants.

An EU assessment has found that 59% of this funding will go towards Bulgarian climate objectives.

This will include tripling renewable power generation by 2026, building large electricity storage capacity and cutting greenhouse gas (GHG) emissions from the power sector by 40% by 2025.

The plan also delves into energy efficient buildings, sustainable transport, green finance and the phase-out of coal.

Biodiversity and water management strategies will also be developed to put Bulgaria on course for wider climate objectives.

A further 26% of the funding will go towards digital transition, to improve access to online services and improve the running costs of transport, energy and public administration.

President of the European Commission, Ursula Von Der Leyen, said: “With almost 60% of the plan financing our climate and energy objectives, it is one of the greenest plans we have approved so far.

“A 40% cut in carbon emissions in the power sector and a tripling in power generation from renewables will firmly set Bulgaria on its path to decarbonise the energy sector.”

Written by

Bruna Pinhoni

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