European countries' priorities for driving the energy transition and the financial instruments available to promote green energy are the topics discussed today at the Business Forum of the Partnership for Transatlantic Energy and Climate Cooperation (P-TECC), taking place in Bucharest.

During the panel discussion on energy transition, Energy Minister Victor Parlicov, together with representatives of European and American financial institutions, discussed the priority directions for investments in the energy sector. With reference to the Republic of Moldova, Victor Parlicov noted that the investment priorities are oriented in the areas of diversification of energy sources and energy efficiency projects.

"The Republic of Moldova has demonstrated to everyone how not to be dependent on a single source of supply in the energy sector. We have not allowed ourselves to be blackmailed by the Russian Federation, and thanks to the support of external partners, we have managed to reconfigure Moldova's energy infrastructure. A colossal step in this direction has been the synchronization of the electricity transmission networks with the European one and the diversification of natural gas supply sources. The next step we are taking are energy efficiency projects for buildings and the integration of renewable energy sources into the sector's energy mix," said Victor Parlicov.

Representatives of the financial institutions spoke about the priorities for financing the energy sector and the financial instruments available for investing in projects to boost the integration of green energy sources into the sector.

"The European Investment Bank (EIB) stopped investing in fossil fuels from 2021, with our projects aligned with the Paris Agreement on climate change. By 2030 we plan to invest €1 trillion in decarbonization and energy transition. We are also investing in projects under the RePower EU plan and Moldova-Romania interconnection projects", said Marius Cara, Head of the EIB Group in Romania.

"Energy is our investment priority. Last year we invested EUR 1.2 billion to strengthen the European energy sector. We believe that energy security and the transition to a green economy must remain our investment focus", said Agnes Dasewicz, Chief Operating Officer of the US International Development Finance Corporation.

The business forum is taking place in the framework of the 5th meeting of the Transatlantic Partnership for Energy and Climate Cooperation (P-TECC). The event brought together public and private sector leaders from Europe and the US to discuss measures to strengthen regional energy security and strategies to support the reconstruction of Ukraine's energy sector. The event will conclude tomorrow, July 24.