Mark Bowman, EBRD Energynomics Awards 2023 es

Thank you very much, Sarah. It's a real pleasure to be here representing the EBRD. Romania is an extremely important country for us, one of our largest countries of operation. We had a record year of investments in Romania last year and are on track for another record this year. This event is a great opportunity to meet people involved in the energy sector. I just returned from COP in Dubai, where the clear message was that the world is not acting quickly enough to reduce CO2 emissions. We need emissions to peak soon and decline rapidly. This is a significant challenge but also a massive opportunity. Renewable energy is cleaner, cheaper, and more secure. Fossil fuels are dirty, expensive, and unreliable. Countries that actively pursue the energy transition will be successful. To take advantage of these opportunities, we need large investments, but also a high-quality supply of bankable projects. This requires political ambition, a stable regulatory framework, grid capacity, an effective permitting regime, and a good business environment. At the EBRD, we combine investments with policy dialogue. We have collaborated with the Ministry of Energy on the contracts for difference scheme, which should enable over 5 GW of renewables by 2025. We stand ready to support Transelectrica and distribution companies on grid capacity. Romania is also important for Moldova and Ukraine, and we will support connectivity and security. We look forward to projects in energy storage. On the demand side, we need accelerated energy efficiency programs. We are launching new financial instruments using RRF and cohesion funds for efficiency in buildings, transport, and companies. We continue our work with municipalities through the Green Cities program. In conclusion, the energy transition in Romania presents challenges but extraordinary opportunities. The EBRD is open for business and ready to contribute our regional experience to help Romania's energy sector realize its potential. We have a strong pipeline for next year and look forward to working with partners. Thank you very much.