November 5 (SeeNews) - Bulgaria could approve the EU's target to reduce carbon dioxide (CO2) emissions by 55% by 2030, provided that the country is supported through adequate compensation mechanisms, the government said.
"It is also necessary to ensure a balanced and fair distribution of the benefits and disadvantages associated with the transition between the individual member states," the government said in a statement on Wednesday.
In order to achieve this ambitious goal, Bulgaria will need adequate financing from the EU, taking into account the country's national needs and specifics, the government added.
Prime minister Boyko Borissov said last month that Bulgaria, which depends heavily on coal for its electricity production, is proposing to work jointly with the European Commission towards developing a coal phase-out plan in order to meet the EU's emission reduction targets.
Last month, the Commission invited Bulgaria to consider measures supporting a coal phase-out strategy with a clear timeframe commitment and ensuring a just transition of coal and lignite-reliant areas, to be accompanied by a clear strategy for promoting renewable energy and efforts towards reforming the energy market.
In September, the Commission presented its plan to reduce EU greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This target will put the bloc on a balanced pathway to reaching climate neutrality by 2050, according to the EU's executive arm.