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ESG & Sustainability in Bulgaria | 2024 edition

The European Union (EU) is committed to becoming the first climate-neutral continent by 2050, as outlined in the EU Climate Law. This ambition is supported by the Fit for 55 legislation package, which aims to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels. The real estate sector is critical to achieving these targets, given that buildings account for approximately 40% of energy consumption and 36% of CO2 emissions within the EU. In this context, sustainability efforts within each member state are of crucial importance.

Having studied the risks and opportunities Bulgaria is facing on the road to greater sustainability, SeeNext is now delving deeper into the sectors having the greatest contribution to the national gross value added (GVA) to analyse their progress towards a more sustainable future.

Key findings from the report include:

  • The construction and real estate sectors are significant contributors to the Bulgarian economy, representing a combined GVA of nearly EUR 10 bln in 2023, which corresponds to 11.9% of the country’s GVA. While the share of real estate has slightly decreased, construction has stabilised, indicating resilience and continued importance in the economic landscape.

  • Bulgarian companies are at the forefront of inventing innovative building materials that could revolutionise the construction sector and dramatically reduce its carbon footprint.

  • Nevertheless, the country lags behind regional peers and bigger economies in Central Europe in its efforts to implement green building certifications and modernise the existing building stock.

Topics:
Climate change Corporate Strategy Decarbonisation Energy Efficiency ESG Government Policy/Regulation New Products/Services
Countries:
Bulgaria
Industries:
Biomass/Biogas Chemicals Energy/Utilities Internet of Things Logistics Metals/Minerals Non-ferrous metals Renewable Energy Road Transport Water Supply

Our Partners:

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