BULGARIA: EMBASSY EVENT SHOWCASES U.S. RENEWABLE

UNCLAS SOFIA 000243 SENSITIVE SIPDIS E.O. 12958: N/A TAGS: ENRG ECON PREL PGOV BG SUBJECT: BULGARIA: EMBASSY EVENT SHOWCASES U.S. RENEWABLE AND EFFICIENT ENERGY TECHNOLOGY ¶1. (U) Summary: U.S. renewable and energy efficiency technology took center stage May 19 at an Embassy and AmCham-sponsored conference featuring cutting edge U.S. solutions to Bulgaria's energy security and environmental challenges. Titled "Renewable and Efficient Energy: Pathways to a Better Future", the event attracted over 100 company, government and NGO representatives and reached many more through positive press coverage. U.S. speakers included representatives from the American Council on Renewable Energy, the Alliance to Save Energy, and the Department of Energy. U.S. company sponsors such as AES, Citibank, IES, Dupont and Tishman showcased technological developments and financing options for wind, solar, biomass and energy efficiency projects. After the Deputy Prime Minister kicked off the event, the Ambassador challenged Bulgaria to turn itself into a "new kind of energy hub" -- one that secures the country's energy security through domestically-produced renewables rather than the transit of hydrocarbons. The event launched a dialog between representatives of the American Chamber of Commerce and U.S. green energy companies, who will collaborate on policy recommendations aimed at turning Bulgaria into the region's leading green investment destination. End Summary. ¶2. (U) The renewables conference was Embassy Sofia's answer to the April 24-25 Sofia Energy Summit, an event focused on energy security and the transit of hydrocarbons. Sponsored by USAID's Office of the Development Counselor, the U.S. Foreign and Commercial Service, and individual American financial and renewable and efficient energy firms, the event was co-organized by the American Chamber of Commerce. Deputy Prime Minister Ivailo Kalfin opened the forum, optimistically highlighting the 500 million euros in green investment Bulgaria hopes to attract in the coming year. Underscoring the importance of energy security and environmental sustainability to national security and well-being, the Ambassador urged Bulgaria to use its luck of geography to turn itself into a "new kind of energy hub" -- one focused on renewable energy projects and the generation of cutting edge, green technology. ¶3. (U) Speakers from the American Council on Renewable Energy and the Alliance to Save Energy focused on U.S. green industry trends. DOE's Acting Assistant Secretary for Policy and International Affairs Jonathan Shrier (via DVC) covered the new administration's green energy policies and initiatives. U.S. companies then presented their projects and new technologies in the energy efficiency, wind, solar and biomass sectors to the more than 100 business, government and NGO representatives present. Throughout the day the Commercial Service facilitated matchmaking meetings between U.S. and Bulgarian firms. Press coverage of the event was extensive and positive. ¶4. (SBU) Comment: Coming on the heels of the April Sofia Energy Summit, this renewable energy event offered Bulgaria an alternative to its long-stated goal of becoming a hydrocarbon transit hub. With negligible gas and no domestic oil, but blessed with attractive conditions for wind, solar, biomass, hydro and geothermal generation, renewable energy is a game Bulgaria could actually win. As the least energy efficient economy in the EU, Bulgaria could also make tremendous strides by focusing on conservation. To attract additional green investment, conference participants agreed Sofia must create a more competitive investment climate. At the close of the May 19 conference, the American Chamber of Commerce and U.S. green industry representatives agreed to develop policy recommendations on incentives and regulatory-based legislative changes aimed at turning Bulgaria into the region's leading green investment destination. McEldowney