Bulgaria has signed the International Energy Charter
Bulgaria has joined the final declaration of the International Energy Charter at the Ministerial Conference in the Hague. On behalf of the Bulgarian Government, Energy Minister Temenuzhka Petkova signed the new International Energy Charter - a political declaration for long-term cooperation in the field of energy that does not create legally binding obligations for the signatories. Today, more than 70 countries have signed the new document, which adds to the initial concept of the Charter from 1991. Representatives of all international delegations have affirmed that the Charter signed today will contribute to the international cooperation in finding the best solutions for current energy problems. The International Energy Charter aims to achieve favourable business environment for sustainable investment in the energy sector. Thus, global energy demand will be satisfied and environment and climate will be protected in the future.
At the Ministerial Conference in the Hague, Minister Temenuzhka Petkova highlighted that Bulgarian Government considers cooperation and solidarity between the countries a strategically important factor for the solution of energy challenges. "Bulgaria supports the need for common legal framework for energy security based on open and competitive markets", she added. According to Minister Petkova, the signing of the International Energy Charter is a crucial stage regarding the modernization of the existing Energy Charter. The new declaration reflects objectively the current global energy issues and processes. Bulgarian Energy Minister assured the delegates that Bulgaria will continue its active participation in the construction of the necessary infrastructure for diversification of energy supplies. This infrastructure will enhance energy security not only in Bulgaria, but in the entire South East European region, she said. Minister Petkova underlined the significance of international cooperation in the development and implementation of safe low-carbon technologies in the energy sector. Finding generally acceptable solutions for actual energy problems will increase economic competitiveness and will create conditions for sustainable investment.
Recognizing the sovereignty of each state, the International Energy Charter promotes the development of new transparent and stable energy market on regional and global level, which is based on market-oriented price formation. The Charter also includes: promoting the realization of infrastructure projects important for providing energy security; diversification of energy sources and routes of supply; development of mutual interconnection and regional integration of energy markets. The International Energy Charter supports the liberalization of trade in energy and the protection of energy investment. Creation of mechanisms for better energy efficiency and use of clean fossil fuel technologies are also part of the declaration.
