PROJECT DESCRIPTION
BACKGROUND
The project FLAG - Financial instrument for clean energy transition is submitted by Fund FLAG (COO), Club "Economika 2000" and Economic Research Institute at the Bulgarian Academy of Sciences. The new climate policy objectives pose before the Bulgarian municipalities serious challenges to implement mitigation measures, the main of which related to clean energy transition. However these challenges come along with certain needs and barriers such as: considerable financial resource needed for the energy efficiency of buildings and RES measures; market barriers for access to CET funding; lack of dedicated technical assistance for preparation of CET projects. The current project aims at responding to these challenges:
- By developing, demonstrating and promoting innovative financial instrument within FLAG to support municipal CET investments in collaboration and consultations with a wide number of stakeholders. Contracts for the pilot municipal CET projects will be signed within the project duration (pilot FI cycle).
- By improving FLAG’s capacity, and further building the experience and good practices in Bulgaria and the EU, and by disrupting the market barriers for funding municipal CET projects.
- By ensuring sustainability, replication and exploitation of the project results as a long-term project impact - institutionalization of Development Unit and Operation Unit at FLAG; negotiations and signing of agreements for additional financial resources for the subsequent FI cycles; wide FI promotion; needs assessment for CET investments and creation of municipal CET project pipeline. The tasks are structured in 5 work packages: WP 1: Project management and coordination; WP 2: Analysis of the supply and demand for CET project financing; WP 3: Structuring and launching the financial instrument; WP 4: Technical assistance for development of project proposals to be funded by the FI and WP 5: Work Package 5: Sustainability, replication and exploitation of project results.