President Radev at UN Climate Change Conference: Bulgaria will deliver climate neutrality by 2050

In the Egyptian resort of Sharm el-Sheikh, the UN climate summit is taking place for a third day. The World Bank has announced a new mechanism that will help countries suffering severe economic losses due to climate change-induced disasters. Germany said it would provide 170 million euros.

COP 27 takes place in dramatic times, marked by deteriorated security environment and acute geopolitical problems due to the war in Ukraine, serious political and social crises. We must coordinate our efforts and use the time we have left to avert the worst effects of climate change, Bulgarian President Rumen Radev said in his speech at the forum.

"Bulgaria is strongly committed to the goals of the Paris Agreement. Together with other EU member states, it will deliver the goal of climate neutrality by 2050.

"Bulgaria's greenhouse gas emissions in 2020 decreased by 57% compared to the baseline year. We overachieved our national target for the share of energy from renewable sources in the gross final energy consumption by 7%, with a share of 23% in 2020," President Rumen Radev said.

A report released today at the Egypt forum says countries in the South will need more than $2 trillion a year, by 2030, to finance their climate action. Half of this amount is expected from external financing from investors, developed countries and multinational institutions.