site.btaUPDATED President Radev Opens High-Level Event in Bulgarian Pavilion at COP29

President Rumen Radev Tuesday opened a high-level event on "The Future of Net-Zero Competitiveness" in the Bulgarian Pavilion at COP29, the UN Climate Conference, in Baku.

A panel on the competitiveness of zero-carbon economies brought together Iliana Ivanova, the European Commissioner for Innovation, Research, Culture, Education and Youth, Diana Urge-Vorsatz, Vice-Chair of the Intergovernmental Panel on Climate Change (IPCC), Ambroise Fayolle, Vice President of the European Investment Bank,  Jurgen Rigterink, First Vice President the European Bank for Reconstruction and Development, and Bulgaria's former Environment and Water Minister Julian Popov.

This is the second time in a row that Bulgaria has participated in a COP Summit with its own pavilion, which is a clear demonstration of the country's ambitions to participate in climate diplomacy and contribute to the fight against climate change, Radev said.

"Climate change now threatens not just people and livelihoods, not just people and economies, but global peace and security. Extreme weather events - from floods to wildfires and droughts - are becoming more frequent and devastating. This critical situation requires integrated action and attention from all of us, from the high political level to the expert level. I believe that the way to achieve sustainable solutions is to achieve success through the transfer of experience and knowledge," Radev said.

Cooperation among the countries is crucial for achieving success in the joint efforts and for enhancing competitiveness in the transition to a climate-neutral economy, Radev said.

He thanked "politicians, scientists, climate experts, business leaders for being together, for speaking a common language, having shared goals and, I hope, united actions."

Competitiveness in a zero-carbon economy is probably the most ambitious topic, the President stressed.

In his words, until ten years ago he would have answered in the negative when asked if it is possible to have net zero on the one hand and competitiveness on the other. "Today, I believe it is possible if we have the right 'glue' consisting of political will, science, innovation, technology," Radev said.

In his words, it is now necessary for the EU to ensure the irreversibility of this process, also providing an industrial policy that will yield visible results. He noted the importance of the education system to build a new consumer culture, demand for low carbon products and a new industry.

"I am pleased that we can discuss these issues here today. We must never forget that to achieve net zero, we must have a strong European economy, based on energy efficiency and innovation," the President said.

European Commissioner Iliana Ivanova talked of the need for a six-fold acceleration of the decarbonization of economies to meet climate targets. The floods in Europe show there is not a moment to lose in the fight against climate change. This is where science and innovation come in, she stressed, adding that 35% of the funding of the EU's Horizon Europe programme, or EUR 93 billion over seven years, is directed towards climate research. She cited innovative products created in Europe and highlighted the success of two Bulgarian teams supported by the EU programme - the first hydrogen valley in the southern town of Stara Zagora, which provides clean hydrogen for buses and public lighting, and the world's first cargo drone created by Bulgaria's Dronamics with the help of EU funding.

This year marks the 40th anniversary of the Horizon Programme. For four decades these investments have given a huge boost to science and investment in response to societal needs and global challenges - from automated vehicle systems to hydrogen solutions. The funding has placed Europe in a leadership position and Ursula von der Leyen (who is about to start her second term as European Commission President) has listed bridging the gap between finance and technology among the priorities of the new Commission to boost competitiveness, Ivanova said.

IPCC Vice-Chair Diana Urge-Vorsatz thanked Bulgaria for hosting the IPCC's 61st session in 2024. She recalled that the IPCC Sixth Assessment Report concluded that a 43% reduction in carbon emissions is needed by 2030 if global warming is to be kept below 1.5 degrees Celsius. Global temperatures will stabilize only if carbon emissions stabilize at net zero, she said.

Dozens of cities, companies and countries already have plans in place to achieve net zero and this is of huge importance. Options for change are available that need to be implemented on a larger scale, the expert said.

The choices people make in the next few years will have a global impact for hundreds and perhaps thousands of years, Urge-Vorsatz concluded.

Children are one of the most vulnerable groups to climate change, Regina De Dominicis, UNICEF's Regional Director for Europe and Central Asia, said at the end of the panel.