December 6th , 2022, Sofia - Representatives of Fund FLAG - Iva Petkova and Lyubomir Tsarev, and Club “Economika 2000” - Dr. Yana Kirilova, presented a project for creation of a financial instrument for clean energy transition - FLAG-FICET to more than 200 representatives of Bulgarian local authorities. The project launch event was part of the National Meeting of Experts on Programs and Projects in Municipalities, organized by NSORB-Aktiv, which took place between 5th  to 7th December in Sofia.

The project approved for funding under LIFE program, scheme LIFE-2021-CET-PDA: Disruptive PDA – Technical Assistance to advance market boundaries for sustainable energy investments. (Technical Assistance for Overcoming Market Limitations for Sustainable Energy Investments), is a joint initiative between Fund FLAG, the Institute for Economic Research Institute at the Bulgarian Academy of Sciences and Club “Economika 2000”. The main focus of the project is the set-up, deployment and promotion of an innovative financial instrument within the framework of Fund FLAG. Within the framework of the FLAG-FICET project, free technical assistance will be provided to municipalities for the preparation, structuring and implementation of projects related to clean energy transition, including energy efficiency, renewable sources, thermal mineral waters and etc. In addition, FLAG plans to provide targeted funding for green projects that have received technical support.

The general goals of the project are towards overall support for Bulgarian municipalities in their clean energy transition (CET) in the next ten years. Another goal of the project is to mobilize financial resources to support investments for green transition of local authorities, as well as to raise awareness of the benefits of clean energy transition and the opportunities for financing of green investments.

Before the launch event took place, a FLAG-FICET questionnaire was sent to the Bulgarian municipalities in order to study their attitudes and readiness for CET project ideas for the transition to clean energy in the following areas:

  • energy efficiency of municipal buildings, incl. administrative buildings, buildings of cultural and educational institutions (schools, community centers, museums, etc.), social housing, incl. installation of solar systems on the roofs of these buildings
  • renewable energy sources, incl. study of the possibilities for implementation of projects for energy communities and for the construction of solar systems/parks, incl. on reclaimed municipal landfills for household waste;
  • using the potential of municipal thermal mineral waters;
  • other areas of clean energy transition such as introduction of energy efficient street lighting, combined production of biomass and hydrogen, energy efficient urban transport based on clean energy transition

The project will also be aimed at building capacity within FLAG for the structuring, evaluation and financing of municipal projects for clean energy transition. A Climate Finance Unit will be set up in Fund FLAG dedicated to green investments, which will provide technical assistance for the development and implementation of investment projects. It is expected that the project will lead to establishment of a working model for coordination and consultation with a wide range of interested parties regarding CET  projects of local authorities.

You can find more about the FLAG FICET project here: 

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