NEWS

President: Bulgaria should use its natural resources to create a green cycle for energy production and storage

At the Climate Change Conference in Egypt Radev presented Bulgaria's bid to host the UN international forum in 2024.

Bulgaria should finally adopt a National Energy Strategy focusing on efforts to make the most of its abundant natural resources and incorporate them into a green cycle for energy production and storage, President Radev told the media in Egypt, where he is leading the Bulgarian delegation to the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27).

The Bulgarian head of State added that the session of the international forum today was under the sign of the interconnection between energy and climate, with a focus on the development of sustainable new technologies for low-emission energy. In this respect, Bulgaria has wonderful natural conditions that it has not taken advantage of, Rumen Radev stressed. He also noted the highly qualified Bulgarian staff in the energy sector, especially the excellent experts with experience in operating Bulgaria's nuclear power plants.

Bulgaria has excellent conditions for the production of solar and wind energy in the Black Sea area, as well as traditions in nuclear power generation, which should be further developed, Radev specified. He stressed that this country should also make the most of its system of hydraulic facilities, which are the most developed in Europe, to generate and store energy from pumped storage hydropower plants.

The head of State also highlighted the opportunities for introducing new energy technologies in the Maritsa basin. We should strive to keep people employed and work to increase the region's prosperity, Radev added. The President pointed to the conditions for the production of green hydrogen as promising for the development of the Maritsa Basin, as well as a project being developed by the Mining and Geological University and the Technical University of Sofia. The President discussed the issue at several meetings with the leaders of the two institutions, which are working on exploring the spaces under this region for storing energy in large quantities in an environmentally friendly way. Through a photovoltaic system with a capacity of more than 12 gigawatts and air or water compression, the project has the prerequisites to close the round-the-clock cycle of solar energy production and store it in large quantities for a long time. We can thus also balance the energy systems of the countries around us, Radev specified.

The Bulgarian head of State said that on the sidelines of the Climate Change Conference in Egypt he would present Bulgaria's candidacy to host the international forum in 2024 - COP29. Rumen Radev called for serious ambitions, given this country's capabilities. Bulgaria is already actively working for the approval of the hosting bid. Along with the stable geopolitical positioning of the country, this will make a huge contribution to the economy and to our social system, Rumen Radev concluded.