Following the “EU Green Deal Transformation: Opportunities and Challenges” Conference, June 30th, 2021, AmCham Bulgaria issued a position paper on the impact of the EU Green Deal on Bulgaria’s transformation into low-carbon industrialized EU member-state. The paper was prepared by the “EU Green Deal” Working Group of the chamber.
Position in brief
The implementation of the European Green Deal in Bulgaria will require a profound transformation of the Bulgarian economy, which is among the least developed among EU Member States in terms of GDP per capita, and is one of the most carbon-intensive economies in the union.
Bulgaria needs to quickly develop its potential by reaching the EU-average economic development indicators. The country has an opportunity to achieve the status of an industrialized and low-carbon economy by attracting and implementing significant long-term investments in strategic industries such as high value-added manufacturing, natural resource extraction and processing, energy, healthcare, and digital infrastructure. To reach this objective, Bulgaria needs full alignment between political, social, and economic stakeholders to implement long-term solutions.
The necessary factors for Bulgaria`s transition to the status of an industrialized and low-carbon economy are the development of a high-tech industry that is based on:
- Resource security,
- Energy stability, diversification and decarbonization,
- A developed digital infrastructure,
- as well as Rule of Law and Investment Climate.