CORDIS - EU research results
CORDIS

Bulgarian Energy Efficiency Forum on Smart Finance for Smart Buildings

Project description

Improved financing for sustainable energy transition in Bulgaria

The success of Bulgaria’s clean energy transition is currently overly dependent on grants. For instance, the country’s home renovation sector is 100 % reliant on grants. There is a need to develop a sustainable financing scheme to achieve ambitious energy goals and address the growing rates of energy poverty. The EU-funded BeSMART project will create a discussion forum and nine roundtables engaging public authorities, energy efficiency experts, the financial and construction sectors, energy service companies, SMEs and homeowners to support new business models and smart financing. The project will also support the development of national and local strategies, develop institutional and legal frameworks and pave the way to increased trust among investors.

Objective

Bulgaria is facing a serious challenge to radically transform its extremely grant-dependent energy efficiency support schemes, while at the same time preserving the speed and scope of the clean energy transition. This is especially valid for the residential sector, where the existing 100% grant mechanism for building renovation has to be quickly reformed into a sustainable financing scheme, at the same time targeting more ambitious energy targets and taking into account the overspread energy poverty. Similar situation is evidenced in the industry, where investments are usually prompted by operational programmes offering up to 80% grants. Considering the principles of functioning of the EU Green Deal and the possibilities under the Recovery Package, innovative financial instruments have to be quickly designed and adopted in a transparent and inclusive way, significantly improving the leveraging effect of public resources, while at the same taking into account the limited investment capacities and purchasing power of the consumers. To address these policy and market gaps, BeSmart aims to support smart financing implementation by setting up a permanent discussion forum, gathering central and local authorities, energy efficiency experts, the financial sector, ESCOs, homeowners, industry, construction and SME sector representatives. The discussion forum and the 9 roundtables planned under the project are specifically designed to support new business models and utilize investment opportunities derived from the increased financing for energy efficiency and renewable energy at EU level. They will gather and upscale existing best practices, support the development of national and local-level strategies, propose improvements in the national policy framework and implementation programmes, develop the institutional and legal framework, and increase the transparency in the policy-making process, leading to increased trust of the investors and better functioning of the market.

Call for proposal

H2020-LC-SC3-2018-2019-2020

See other projects for this call

Sub call

H2020-LC-SC3-EE-2020-2

Coordinator

FONDATSIYA TSENTAR ZA ENERGIYNA EFEKTIVNOST - ENEFEKT
Net EU contribution
€ 120 298,75
Address
CHRISTO SMIRNENSKY BLVD 1 FL 3
1164 Sofia
Bulgaria

See on map

Region
Югозападна и Южна централна България Югозападен София
Activity type
Research Organisations
Links
Total cost
€ 120 298,75

Participants (10)