site.btaUPDATED Fossil Fuel Phase-out Involves Profound Change in How World Economy Works - Diplomatic Institute Director

The 13th International Seminar on Energy and Climate Diplomacy, organized by the Bulgarian Diplomatic Institute (BDI), has its geographical focus on Bulgaria's neighbours in the Balkans, the Black Sea Region and the EU. The three-day event opened on Monday. It has brought together 40 academics, diplomats and experts from 15 countries.

At the opening, BDI Director Tanya Mihailova discussed the importance of phasing out fossil fuels. She said: "The fossil fuel phase-out is not a linear process. It is not limited just to replacing primary energy sources. It is about a profound change in the way the world economy works. The fossil fuel phase-out involves a dramatic change in the relationship between energy producing countries and energy consuming countries."

Mihailova went on to say: "The world is radically different from what it was before Russia's war against Ukraine. It is faced with multiple crises and conflicts, global instability and challenges to Europe's energy security undermining the foundations of international law. The importance of energy diplomacy has grown considerably in the new political environment as it is aimed at successful diversification and finding effective energy solutions and possibilities to strengthen stability, security and cooperation in Europe and worldwide."

Former environment minister Yulian Popov said the Green Deal is not just a European whim. China and the United States also have such arrangements. "Practically every systemically important economy has such goals, and the world as a whole is moving towards net zero emissions. The process is even accelerating," Popov said.

He is certain that the European Green Deal will not be revised. The prediction is supported by the results of the European Parliament elections, he added. "What is subject to negotiation in the next political cycle in the EU is to find a practical way to align climate policy with industrial policy," he argued.

The seminar is supported institutionally and financially by the Bulgarian Development Aid Programme of the Ministry of Foreign Affairs.

The BDI has been following the subject of energy since 2010, when the first seminar was organized. Over the years, the event acquired international status. It is intended as a platform for sharing expertise and opinions.