The European Bank for Reconstruction and Development (EBRD) is working with the Ministry of Energy to draft legislation to implement Contracts for Difference (CfDs), a measure which, once implemented, will attract investment in 5GW of renewable energy generation units, said Mark Bowman, the Bank’s Vice President for Policy and Partnerships.

“We hope that these contracts for the difference will be finalised soon. This will attract investment of 5GW by 2025 and we hope to be involved in some of these projects,” said Bowman, at the 11th Energynomics Awards Gala.

He added that Romania has huge potential to reduce energy consumption through energy efficiency measures, and energy storage will become increasingly important in managing intermittent energy sources.

In this context, reducing pollutant emissions is a challenge that requires significant investment.

Renewables are “cleaner, cheaper and make economic sense”, while fossil fuels are “dirty, expensive and unreliable”. “The countries that will benefit from renewable energy are the ones that will be successful in the future, and to seize this opportunity requires significant investment, but also funding for good projects,” he added.

Bowman said financing the expansion of renewable energy is a priority for the EBRD. In fact, half of the EBRD’s investments are green, and since the beginning of this year all the bank’s investments have been aligned with climate requirements.

Energynomics Awards enjoy the support and trust of the most reputed institutions and associations of local energy. The Energynomics Awards project is mostly self-financed, proposed and organized by Energynomics and it was supported this year by its partners: ADC, Alexandrion Group, Alive Capital,CIS Gaz, CEZ Romania, Datacor, E.On, Electrica, EnergoBit, EnergoPower, Enevo Group, Ensys, Exim Banca Românească, Huawei, ING Bank Romania, Kawasaki Gas Turbine Europe, Noark, Nofar Energy, OMV Petrom, OX2, Photomate, Renomia Gallagher, Rezolv Energy, Romgaz, Transelectrica, Transgaz, Volt, Waldevar, XP. With the support of Imsol, Sixt.

Strategic partners for the Energynomics Awards 2023: ACCER, ACUE, AFEER, AIIR, CRE, EFdeN, EPG, FPPG, HENRO, PATRES, RPIA, RWEA.