site.btaEU Should Present Joint Plan for Decarbonization, Competitiveness to Implement Energy Transition, Economy Minister Nikolov Says

To boost the competitiveness of the European economy, the focus should be put on industry and support for the green and digital transition, said caretaker Minister of Economy and Industry Petko Nikolov at an expert discussion on on "Draghi Report: the new economic policy of the EU and the prospects for Bulgaria", which was held at the Hyatt Regency hotel in Sofia on Tuesday. The event was organized by the Green Transition Forum and the Bulgarian Federation of Industrial Energy Consumers (BFIEC).

Nikolov noted that achieving industrial competitiveness is among the conditions for increasing prosperity for all European citizens.

Italian economist and former European Central Bank President Mario Draghi was tasked by the European Commission to prepare a report of his personal vision on the future of European competitiveness. The report was presented in September to the European Parliament. It examines the main challenges and opportunities facing Europe and its industrial sector, and proposes measures to strengthen EU competitiveness.

Nikolov stated that his Ministry's assessment of the Draghi report is positive. The Ministry believes that the three priorities outlined in the report to achieve sustainable growth - tackling the innovation gap, a joint plan for decarbonization and competitiveness, and enhancing security to reduce the EU's dependencies - are adequate, timely and necessary.

Nikolov said that the measures and solutions set out in the report need to be further analyzed in order to be implemented in the Bulgarian context and be compatible with the Bulgarian economy. The Ministry expressed support for the necessary changes, discussed in the report, in the EU's industrial and trade policy, focusing on investment in innovation, clean energy technologies and improved coordination between Member States, Nikolov said. He said these changes are necessary to the EU competitiveness in global markets and the increase of predictable and stable funding for innovation. "Reducing energy prices, securing supply chains and, where possible, strengthening trade relations with key partners is of particular importance", Nikolov stressed.

He also pointed out that the key messages in the report are the energy plans and the future development of the industry, which, in his view, should rely on EU support in the complex decarbonization processes. He added that regulatory measures should be implemented on the industrial activities where technology has reached its limit. 

"In order to make the energy transition a reality, the EU should synchronize all its policies with climate goals and come up with a joint plan for decarbonization and competitiveness, which should cover energy producers, clean technologies of energy-intensive companies that find it difficult to reduce their emissions", Nikolov underlined. The Economy Minister added that vulnerable groups should not be left out of progress, as they represent an additional workforce that could, under certain conditions, be mobilized sufficiently to achieve the overall goals.