The challenges of green technology and investments  were the focus of two panel discussions with international experts at the Bulgarian pavilion of COP29 in Baku, organised by the Fund of Funds upon an invitation of the Ministry of Innovation and Growth.

FoF was represented at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change –(COP29), by Victoria Hristova, Executive Director and Chair of the Board and Dr. Dotchka Vassileva, Head of Project Information and Financing.

On 14 November, dedicated to "Finance, Investment and Trade", the first panel discussion of the FoF took place focusing on the topic of investment in climate and green tech innovations. The discussion was moderated by Victoria Hristova, and among the discussed topics were the support for green projects in the field of renewable energy, circular economy, energy efficiency, sustainable mobility and other green tech solutions contributing to a zero-carbon economy.

The roundtable was attended by eminent international experts - Mrs. Ismini Papakirillou, CEO of Hellenic Development Bank, Greece, Matteo Mirolo, Head of Contrail Strategy and Policy, Breakthrough Energy, Belgium, Marina Stefanova, Vice Dean for Sustainability Empowerment and Engagement, Sofia University, Elliot Whittington, Executive Director of the Cambridge Institute for Sustainability Leadreship and Andrei Covatariu, Research Fellow at the Center on Regulation in Europe.

Participants searched for answers to the currant difficult  questions on the most effective financing mechanism for climate and sustainable technologies, vision for the future of climate and green technology investments that should be, and what steps need to be taken today.

An interesting highlight of the event was Matteo Mirollo's presentation on the impact of the aircraft contrail  in the atmosphere, which generates 1-2% of greenhouse gases and global warming.

Under the title "Green Technology Transfer as a Bridge between Science, Technology and Innovation" the second panel discussion was held on 16 November, organised by the Fund of Funds at the Bulgarian Pavilion at the UN Global Climate Change Event - COP29 in Baku, Azerbaijan.

Under the moderation of Dr. Dotchka Vassileva from FoF took part in the discussion Asparuh Pilosof, Member of the Board of directors of Sofia Tech Park, Bulgaria, Prof. Dr. Mizan Khan, Technical Lead, LDC Universities Consortium on Climate Change (LUCCC),  Bangladesh, Dr. Diane Husic, Executive Director, Center for the Environment, St. Lawrence University, USA and Dariusz Dybka, Principle Advisor to Business and Science Poland, Belgium

To start the discussion, Dr. Dotchka Vassileva, presented the FoF instruments and focused on the Technology Transfer Fund which is currently being structured. The discussion featured sensitive global topics as the strategic meaning of support from developed countries to developing countries and ensuring sufficient funding for adaptation measures. Dr. Mizan Khan spoke about Pakistan, where floods had claimed thousands of victims, as an example of the need and benefit of implementing the latest technologies in developing countries. With the introduction of an early warning system, the number of casualties from rising waters is now much lower than in neighbouring India. These technologies can be successfully transferred to developed countries in the fight against climate change.

The discussion also touched upon the importance and need to build awareness and interest in technological innovation in young scientists and students. In the words of Dr. Diane Husic, in the USA they consider as a good practice the creation of properly structured networks and communities that connect students with business centres already at university level and support the effective implementation of their ideas. The discussion highlighted the undeniable role of institutions as a catalyst for climate innovation and resilience, as well as the huge importance of factors such as public-private partnerships, diversity of funding mechanisms, and a focus on problem-solving technologies that are also socially relevant, accessible and applicable by those who need them.

An important emphasis in the discussion was placed on Mario Draghi's report on the future of European competitiveness and the new Commission's expected "Clean Industrial Deal". The report highlights a number of challenges to the EU including, strengthening innovation and investment in research, coherence between decarbonisation and competitiveness, investment and integrity of the European defence industry. Mr. Pilosof stressed the importance and relevance of innovation in the defence industry, Mr. Dybka revealed the climate and innovation policy priorities of the Polish Presidency, which takes over the leadership of the Council of the EU from 1 January 2025.

Through its expert participation at COP29 in Baku, the Fund of Funds demonstrated its commitment to the climate and technology goals set by the UN global event, which are key for the world in the coming years.

COP29 is a global forum that brings together governments, institutions and organizations, with a focus on the implementation of the Paris Agreement and efforts to limit  climate change.

Bulgaria joins the event for the second time with its own pavilion as a demonstration of our country's ambitions to participate in climate diplomacy and contribute to the fight against climate change.