Deputy Minister Yakimov at COP29: The Ministry of Innovation and Growth guarantees the sustainable and green transition of small and medium-sized enterprises

The Ministry of Innovation and Growth ensures the sustainable digital and green transition of small and medium-sized enterprises. We work for the development of innovations in the field of renewable energy sources, resource and energy efficiency and the circular economy. This was stated by the Deputy Minister of Innovation and Growth, Krasimir Yakimov, at the opening of the panel "Stakeholders' approach to climate change financing. The Role of Promotional Banks'. The forum of the Bulgarian Development Bank (BBR)is being held at the Bulgarian pavilion within the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.

The event was attended by the Minister of Innovation and Growth Rosen Karadimov, the Chairman of the National Assembly of the Bulgarian Development Bank Delyana Ivanova, the Executive Director of BBR Iliya Karanikolov, the Executive Director "Corporate Banking" and member of the Board of Directors of Unicredit Bulbank Borislav Bangeev, the Executive Director for the strategy for sustainability of the National Development Bank of Poland Mateusz Szczurek, Council of Europe Development Bank Senior Technical Advisor Karel Kronenberg, Amber Infrastructure Senior Advisor and R. Power Group Board Member Dominik Tykus and World Climate Foundation Senior Director Dewey Dillander .

The Ministry of Innovation and Growth, through the Executive Agency for Small and Medium Enterprises, is the co-organizer for the second year of the Bulgarian pavilion at the conference on combating climate change.

Within the panel, Deputy Minister Yakimov emphasized that the approach adopted by the ministry to promote the circular economy and the sustainable green transition is proof of the systematic efforts at the national level to transform the Bulgarian industry into a low-carbon one.

"The Ministry of Innovation and Growth also has significant financial resources with which to implement the set green policies," Yakimov also said. Under the two European programs that MIR manages - for competitiveness and innovation and for science and business, Bulgarian companies have access to over BGN 5 billion for modernization, innovation and digitization. Given the importance of the green transition for small and medium-sized enterprises, there is a separate priority "Circular Economy" in the competitiveness program, according to which nearly BGN 1.2 billion will be invested in them to reduce energy and resource efficiency.

Again, nearly BGN 500 million has been set aside for energy and resource efficiency in the Fund of Funds in the form of a financial instrument.

"The role of promotional banks is key to the financing of various projects, as this type of financial institution can achieve the most effective impact on the invested public funds," said the Deputy Minister of Innovation and Growth.

According to BBR data, 25% of the bank's portfolio are projects related to renewable sources and energy efficiency. Through direct financing with a guarantee under InvestEU, the Bulgarian Development Bank will support projects for sustainable energy, digital connectivity, transport, circular economy, scientific research, innovation and digitization and others.

Prior to the event, Minister of Innovation and Growth Rosen Karadimov attended the signing of a memorandum of understanding between the Bulgarian Investment Agency and the Small and Medium Business Development Agency of Azerbaijan. The document will support the development of bilateral economic cooperation between the two countries in the area of ​​investment promotion and the implementation of new investment projects, as well as trade to increase employment, economic and social stability.