Europe provides funding for carbon capture and use projects

There are three things I believe in:

Coal mining has a future;

Bulgaria needs the efficient operation of the plants;

We can save the region's jobs and economy by capturing and storing /using carbon.

There are three myths I want to break:

Europe will close mines and power plants;

We do nothing for mines and thermal power plants;

Carbon capture, storage /use projects are unrealistic.

Regarding the first myth, there is no European strategic document that says we need to decommission the plants and close the mines. Recall that Poland, Bulgaria and Hungary won a case against the EC in the EU court, which concerned coal-fired power plants. The adopted new environmental standards are unenforceable, and huge investments to achieve them would lead to economic and social consequences that exceed the expected environmental benefits. It is up to us to decide exactly what we will do. Not only the green deal, but the geopolitical reality in Europe and its relations with the rest of the world require an analysis of technology and energy sources.

According to the second myth, the government made sure that TPP Maritza Iztok 2 EAD enjoyed an indefinite derogation. I.e. the commitment has been fulfilled and the plant continues to operate. Bulgaria will continue to rely on these capacities. This is provided in the draft Strategy for Sustainable Energy Development of Bulgaria until 2030 with a horizon of 2050. All this is being done in order to preserve employment, the economy of the region, not to allow an increase in the price of electricity and not to reach a regime of electricity.

In connection with the third myth, carbon capture and storage technologies have been proven, and sources of funding for such projects are already available.

The European Union allows such investments. We cannot use European means to extract, process, transport and burn fossil fuels, but we can use such a resource to capture and store / use carbon. Projects must meet only two criteria: emissions of up to 250g CO2/kWhe and comply with the Carbon Capture and Storage Directive.

At present, there are various opportunities for European investment in such projects.

An interesting one is the line of the European Investment Bank. In its investment guidelines for the energy sector, the Bank emphasizes that "... support for carbon capture and storage ..." is eligible. For such large projects it is necessary to apply directly to the institution itself. For this purpose, a thorough technical and financial analysis of the project must be submitted, which will be the basis for the evaluation by the Bank. Another plus is that we will be able to receive technical assistance for the development of the project.

Another financing option is the EU Innovation Fund, which also finances large-scale installations (investments over 7.5 million euros) for carbon capture, storage and use. It operates in the period 2020-2030 and has a budget of 10 billion euros. The first call for project proposals took place in October 2020, with over 300 projects submitted.

Of course, there are more possibilities. From instruments such as InvestEU, through a combination of funding from various European sources, as well as a combination of national, private and European funds.

It is important that we have the direction.

Like the three things I believe in and the three myths I have shattered, there are three lessons from all of the above:

One should never speculate on the jobs of the people and the economy of the region (especially during the election campaign);

Standing in front of people, you either give concrete decisions or you do not stand in front of them at all;

We must continue with pragmatic ideas and actions, because time flies.