site.btaInnovations Play Critical Role in Accelerating Green Energy Transition in Bulgaria, Study Finds

Innovations play a critical role in accelerating this country's green energy transition, according to a study titled Green Solutions from Bulgaria 2024, conducted by the MOVE.BG platform, which was presented here on Thursday.

The study was conducted between March and May this year by the Alpha Research Agency and covers three target groups, part of the European approaches for a successful energy transition - small and medium-sized enterprises and start-ups; NGOs and civic initiatives; projects of scientists and research units. It is implemented in partnership with the Ministry of Energy.

According to the respondents, the green energy transition in Bulgaria can be accomplished by implementing innovative technologies, such as geothermal energy, and ensuring a fair and affordable transition for all social groups. They also believe that in the coming years, it is key for Bulgaria to work to attract investment, including from citizens, to advance a sustainable and clean energy future at a cost that is affordable for people.

Nearly 71% of respondents in the survey said that a long-term strategy for the development of innovative energy solutions is needed. Georgi Stefanov, a climate and energy expert who presented the study, explained that the aim is to help move from the stage of understanding the topics of decarbonisation and innovation to the stage of implementing them, which in his words is the main deficit we see in Bulgaria. According to the data, 41.7% of the green start-ups and SMEs that participated in the survey offer innovations that are unique on a global level, and 58.3% offer an innovation unique to Bulgaria that is based on a foreign model.

Stefanov commented that these nearly 42%  "could lead to acceleration and development of the Bulgarian economy as we all want it - modern, environmentally friendly, with high wage levels and high revenues for the State". The main activity of these companies is the circular economy - 43.1% of them, for 26.4%- waste, 25%- climate.

For 63.4% of respondents the main challenges for the energy transition in Bulgaria are political - the pace of reforms, lack of regular government for long periods, for 14.6% it is insufficient financing, for 12.2% - climate change.