Photo by Dannyel Spasov via Unsplash 2 F I N A N C I N G B U L G A R I A ’ S G R E E N T R A N S I T I O N REPORT NOVEMBER 2024 FINANCING BULGARIA’S GREEN TRANSITION POLITICAL AND FINANCIAL CATALYSTS FOR A SUSTAINABLE ECONOMY GENADY KONDAREV AND JUREI YADA 3 F I N A N C I N G B U L G A R I A ’ S G R E E N T R A N S I T I O N Acknowledgements Tsvetelina Kuzmanova made a signific. [...] Bulgaria’s ambitions to join the Organisation for Economic Co-operation and Development (OECD) and adopt the euro further highlight the importance of aligning with European and global standards.6 Membership of the OECD and adoption of the euro will signal economic progress as well as demonstrating Bulgaria’s commitment to international best practice. [...] As the largest consumer in the economy, the government has the purchasing power to drive demand for green products and services, setting a precedent for the private sector. [...] Full implementation of the Strategy for the Preparedness of the Defence Forces for Climate Change and the use of defence procurement as a vehicle for sustainable innovation will contribute significantly to environmental goals. [...] 2 8 F I N A N C I N G B U L G A R I A ’ S G R E E N T R A N S I T I O N 4.4 Expand the role of the financial sector The financial sector has a vital part to play and some private investors in Bulgaria have already recognised the significance of green investment.
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Table of Contents
- POLITICAL AND FINANCIAL CATALYSTS FOR A SUSTAINABLE ECONOMY 1
- About E3G 2
- Copyright 2
- POLITICAL AND FINANCIAL CATALYSTS FOR A SUSTAINABLE ECONOMY 3
- Acknowledgements 4
- CONTENTS 5
- SUMMARY 6
- CHAPTER 1 THE BENEFITS OF THE GREEN TRANSITION FOR BULGARIA 9
- 1.1 Geopolitical benefits a model of success for Eastern Europe 9
- 1.2 Socio-economic benefits improved economic growth and health outcomes 11
- 1.3 Financial benefits reduced exposure to climate change risks 12
- 1.4 Action towards a sustainable economy 13
- CHAPTER 2 MOBILISING POLITICAL SUPPORT FOR THE TRANSITION 14
- 2.1 The need for political pragmatism and cooperation 14
- Recommendations 16
- 2.2 The importance of better administrative coordination 16
- Recommendations 17
- CHAPTER 3 HARNESSING PUBLIC FINANCE BEYOND EU FUNDING 18
- 3.1 The impact of green public spending 18
- 3.2 Defence spending and operations as a catalyst for sustainability 19
- 3.3 The role of public banks in supporting the green transition 19
- Recommendations 20
- 3.4 Implementing tax incentives and regulations 21
- Recommendations 21
- CHAPTER 4 ENHANCING PRIVATE FINANCE FLOWS FOR THE TRANSITION 23
- 4.1 Enable a greater private sector role 23
- 4.2 Mobilise the middle class and SMEs 25
- 4.3 Cultivate a culture of sustainable investment 26
- Recommendations 27
- 4.4 Expand the role of the financial sector 29
- Recommendations 30
- 4.5 Encourage institutional investment 30
- Recommendations 31
- 4.6 Promote energy communities 32
- Recommendations 33
- 4.7 Extend ESCO model energy efficiencies to the private sector 34
- Recommendations 35
- CHAPTER 5 PROMOTING INTERNATIONAL ENGAGEMENT AND MEMBERSHIP IN GLOBAL INITIATIVES 37
- Recommendation 37
- CONCLUSION 38
