The Ministry of Economy will be the responsible structure for selection of projects for activities under the Modernization Fund

The Ministry of Energy has been designated as a responsible structure in the Republic of Bulgaria for selection of projects for activities from the Modernization Fund under Art. 57a of the Climate Change Limitation Act. This is regulated in a decision of the Council of Ministers, taken at today's meeting. The Ministry of Energy will also be responsible for organizing the implementation of the recommendations of the Investment Committee of the Modernization Fund in accordance with climate and energy policies. The Office has also been designated as a contact point for the Investment Committee of the Modernization Fund, the European Investment Bank and the European Commission.

With today's decision, the Council of Ministers instructed the Minister of Energy to appoint a representative of Bulgaria in the Investment Committee, as well as to notify the European Commission of the decision.

Bulgaria is a beneficiary Member State under the Modernization Fund established under the regulations of Directive 2003/87 / EC of the European Parliament and of the Council. It is intended to support investments to modernize energy systems and increase energy efficiency for the period 2021-2030. The fund's budget includes revenues equal to 2% of the total amount of greenhouse gas emission allowances sold at auction, from which will benefit 10 beneficiary Member States, incl. and Bulgaria. Beneficiary Member States are responsible for the functioning of the Modernization Fund and the European Investment Bank (EIB) for revenue management. The Bank shall make the proceeds of the sale of allowances to the Member States following a decision by the Commission.