Transition Fund

Bulgaria has committed to phasing out coal by 2038, a reminder included in the European Commission's annual report on energy across the EU and individual member states. The report highlights that through the Just Transition Fund, Bulgaria could access 1.12 billion euros to support the social and economic impacts of closing coal plants in Kyustendil, Pernik, and Stara Zagora.

The Republic of Cyprus has secured 40 million euros from the Just Transition Fund for energy storage facilities, addressing the inflexibility of its electricity system in storing excess energy from renewables.

Bulgaria embarks on a green revolution with the European Commission's endorsement of the country's Territorial Just Transition Plans (TJTPs), marking a monumental stride toward sustainable development. The European Union's Just Transition Fund (JTF) is set to infuse Bulgaria with EUR 1.2 billion, earmarked to empower regions grappling with coal phase-outs and CO2 emission cuts.

The European Commission approved today the partnership agreement with Bulgaria for 11 billion euros (BGN 21.5 billion) for the period 2021 - 2027, the EC announced.

Thus, together with the funds under the Recovery Plan, Bulgaria will have access to over BGN 32 billion from the EU for the 7-year period.

Brdo pri Kranju – Government ministers and energy sector representatives discussed key frameworks and guidelines on climate change, the decarbonisation of society and the importance of energy in different sectors at Wednesday’s consultation on energy called by Prime Minister Janez Janša.

Trbovlje – The restructuring of what used to be Slovenia’s most mining-heavy region is expected to top the agenda as the government tours Zasavje in central Slovenia on Tuesday. The region is one of the two that can expect funds from the EU’s Just Transition Fund.

Under the EU Green Deal, of which Bulgaria is part, the use of coal in energy industry is to be done away with by 2030. The target is  net carbon emissions to be reduced by 55%.

If the resources of the European Commission's Just Transition Fund are increased, after 31 December, 2024, a green mechanism will be introduced rewarding the countries which have reduced industrial emissions of greenhouse gases.

The European Parliament has approved the creation of a Just Transition Fund to compensate for action to achieve climate neutrality in the EU economy by 2050.

This is the first proposal to implement the European Green Pact, was adopted by 615 votes to 35, with 46 abstentions.

What is Just Transition Fund?

Pernik, Stara Zagora and Kyustendil are the regions in Bulgaria earmarked to receive the most generous financial aid from the EU Just Transition Fund.

Targeted investments will be made in the three coal-producing regions to adapt them to European environmental requirements. The Fund is in the focus of the upcoming European Parliament (EP) plenary sessions this week.