EUR 172 billion are needed for energy efficiency in 7 countries of Central and Eastern Europe

18 September 2012, 3e News

The total investment cost for renewable sources in Bulgaria would be approximately EUR 745 million, according analysis of CEE Bankwatch Network

Total investments necessary to utilise the potential for energy efficiency and renewable sources in seven analysed CEE countries amount to EUR 24.626 billion anually, totalling EUR 172.382 billion in the 2014-2020 period, according analysis of CEE Bankwatch Network.

According to the uropean Commission proposals on Cohesion policy and the Multi-Annual Financial Framework, EUR 30.83 billion will be earmarked for climate change objectives, especially energy efficiency and renewable energy sources (RES) in the period 2014-2020.

Given the disparity between the investment needs and the public funding currently proposed for energy efficiency and RES in the Cohesion policy proposals, there is no manoeuvring space for cutting down the amounts earmarked for EE and RES, even though Cohesion and Structural Funds will not be the only source of public financing for such measures. We see many reasons to substantially increase funding into these areas, not only because of their contribution to the EU climate and energy targets, but especially because of the extraordinary employment and economic benefits that these measures can provide.

Many of the investments in energy efficiency and RES bring very high positive impacts on employment as well as on the territorial distribution of these jobs, on the involvement of small and middle sized enterprises and leverage of private funding. In particular, the high labour intensity of a widespread deep energy retrofit of buildings makes public financing in this area one of the most powerful measures that can be used to ensure economic recovery.

Energy efficiency in Bulgaria

The National Renovation Program in Bulgaria has estimated that 680,000 households need to undergo renovation by 2020 with important EE elements, worth EUR 2.13 billion. These would include thermal insulation, renovation of heating systems and the installation of RES. The implementation of the entire Program would employ more than 60,600 workers. Depending on the extent of the Program, the annual number of people employed will vary from 2,000 to 8,000. As a result, over 523,000 tons of CO2 annually would be saved.

Renewable sources and job opportunities in Bulgaria

The Vision for Sustainable Energy an alternative energy scenario for Bulgaria drawn up by Inforse and Za Zemiata, proposes the installation of 1 million m2 of solar water collectors by 2020. Experience from the Staccato10 project in Sofia shows that the optimal collector surface covering the needs of hot water in one household is around 2.35 m2; the costs are close to EUR 1750 per household. Such a program would deliver energy for 420,000 households in Bulgaria, providing nearly 1,700 direct job openings for installers and more in the manufacturing industry. The total investment cost for this measure would be approximately EUR 745 million.