site.btaHead of EIB Group Office in Bulgaria: Green Financing in EU Doubled between 2019 and 2023

There is twice as much green financing in the European Union in 2023 compared to 2019, said Teodor Radonov, head of the European Investment Bank (EIB) office in Bulgaria during the ESG in Practice: Governance for Sustainable Growth conference held here on Friday. ESG (environmental, social, and governance) are sustainability standards addressing environmental impact, social and governance policies in the private sector.

The event is jointly organized by the American Chamber of Commerce in Bulgaria and the German-Bulgarian Chamber of Industry and Commerce. Its organizing partners are Aurubis Bulgaria and EY denkstatt. 

Radonov pointed out that the EIB has recently signed an agreement with four major banks in Bulgaria, which will allow funding into this country's businesses. Much of it will be allocated for sustainability and green projects.

SOF Connect CEO Jesus Caballero reported that Sofia Airport is only financed in an environmentally friendly way that protects the interests of the public. “Sofia Airport is one of the top 10 sustainability leaders in Europe, and we hope to be the best by 2036. Within the first three years of the concession, we have reduced emissions by 30%, diesel consumption by 40% and energy consumption by 30%, while increasing passenger traffic by 10% every year,” Caballero said.

Miriam Robbe, Sustainable Development Manager at ING Bank, noted that in recent years, the bank has been making risk assessments based on its clients’ data, as ESG policies can affect credit risk.

Solvay Energy Transition Projects Director Todor Nikolov said that the chemical industry is out of step in terms of ESG policies.