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Energy Initiatives at COP29 – What Can We Expect?

Photo-illustration: Pixabay (distelAPPArath)

The 2024 United Nations Climate Change Conference (COP29) places significant focus on energy as one of the key sectors in combating climate change.

In light of this, the COP29 Presidency has officially launched three energy initiatives, inviting stakeholders to lend their support. These initiatives demonstrate the presidency’s efforts to enhance outcomes from the first Global Stocktake on renewable energy and hydrogen progress.

The Global Energy Storage and Grids Agreement at COP29 marks the first initiative under which signatories commit to a collective goal of deploying 1,500 GW of energy storage capacity by 2030. This represents a sixfold increase compared to the capacity available in 2022. Furthermore, it includes a commitment to add or upgrade 25 million kilometers of grid infrastructure by 2030, recognizing the need for an additional 65 million kilometers by 2040.

The Green Energy Zones and Corridors Agreement commits signatories to promoting green energy zones and corridors to connect renewable energy sources with the most vulnerable communities. This involves the development of larger intersectoral and interregional power grid connections to enable cost-effective and secure electricity transmission over long distances.

Photo-illustration: Freepik (freepik)

The COP29 Hydrogen Declaration focuses on increasing the production of renewable, clean, and low-emission hydrogen, a commitment made by the signatories. It also aims to accelerate the decarbonization of existing hydrogen production from fossil fuels. The goal is to significantly boost green hydrogen production from the current one million tons per year while reducing the 96 million tons of hydrogen currently derived from fossil fuels.

Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), emphasized the global target of tripling renewable energy capacity by 2030, a goal set at last year’s COP28. According to him, achieving this target requires more than just increasing renewable energy production—it also demands overcoming challenges related to connecting renewable sources to power grids. He highlighted energy storage, grid expansion, and significant investments as crucial factors.

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Further support for renewable hydrogen development comes from the commitment of international and national development financial institutions to back the 10 GW Lighthouse Initiative. This initiative aims to foster the development of renewable hydrogen projects with capacities ranging from 100 MW to 1 GW in developing and emerging economies, advancing them to the final investment decision (FID) stage by 2030, according to the official COP29 website.

Additionally, IRENA and Azerbaijan’s Ministry of Energy officially launched the Accelerated Renewable Energy Partnership for Central Asia (APRECA) to accelerate investments and enhance interregional connectivity. This initiative aims to boost renewable energy deployment, foster green industrialization, and maximize socioeconomic benefits in the region.

The European Bank for Reconstruction and Development (EBRD), alongside the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), announced a major investment in solar projects in Azerbaijan. Each of these banks will invest 160 million dollars to construct two solar power plants with a combined capacity of 760 MW.

Katarina Vuinac

The Energy Sector Rated Highest According to the White Book of the Foreign Investors Council

Foto-ilustracija: Pixabay

According to progress in implementing recommendations from the White Book by the Foreign Investors Council, the energy sector has emerged as the leading sector. Out of a total of eight recommendations for the energy sector, significant progress has been achieved on five, and some progress on the remaining three, according to a statement by the Ministry of Mining and Energy of the Republic of Serbia.

Specifically, in the recently published annual report by the Foreign Investors Council, the energy sector ranked first in the overall rating for 2024 with an index of 2.63 out of a maximum of three, significantly higher than the 2023 index of 2.30.

“These recommendations provide a solid platform for dialogue with investors on how we can improve the business environment in Serbia and achieve greater success in reforms,” explained Dubravka Đedović Handanović, Minister of Mining and Energy.

“The energy sector is rated the highest in the White Book of the Foreign Investors Council. The sector is undergoing a profound transformation marked by significant improvements in the regulatory framework, enhanced supply stability, and accelerated public investments, creating a predictable framework for private sector investments. The positive ratings of reforms in the energy sector are a recognition of the work accomplished so far, while the recommendations guide us on where further improvements can be made,” the minister stated.

The White Book also highlights progress in the transformation of “Elektroprivreda Srbije” (EPS) from a public company into a joint-stock company.

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According to the minister, changes in the EPS governance structure have been implemented, including the appointment of a new Supervisory Board, representing key steps towards the professionalization of EPS management.

She also noted that the implementation of the EPS transformation plan has commenced, aimed at increasing efficiency and introducing management changes with annual goals and greater accountability for managers. “This sets an example for the reforms to come in other energy companies,” she added.

Amendments to the Energy Law have enhanced the regulatory framework in line with the EU’s Third Energy Package and created conditions for integration with the EU market.

“By the end of the year, the formation of the first regional electricity exchange in the region will be completed, involving Serbia, along with two EU member states—Hungary and Slovenia. This will positively impact the investment environment,” said Minister Đedović Handanović.

The annual report of the Foreign Investors Council also recognizes achievements in “greening” the energy portfolio.

As the minister emphasized, the introduction of auctions for granting market premiums for renewable energy sources has opened opportunities for a new investment cycle in this sector, enabling competitive electricity purchase prices.

Photo-illustration: Unsplash (Jason Mavrommatis)

The second round of auctions will be announced by the end of November, the minister said, highlighting the success of the first round last year, which included nine solar and wind projects and over one billion euros in investments.

“With the first green production capacities of EPS, such as the solar and wind park in Kostolac, and strategic partnerships for one gigawatt of solar power plants, we are moving closer to achieving the strategic goal of having every second megawatt-hour come from clean sources by 2030,” the minister noted.

As stated in the White Book, the inflow of foreign direct investments increasingly depends on the availability, predictability, and structure of certified green energy supply. Issues such as the percentage of renewable energy available on the grid, further development of renewable energy power plants, and the ability to guarantee green energy supply through corporate power purchase agreements are gaining importance and becoming decisive factors for investor decisions in Serbia.

In the field of energy efficiency, the White Book notes that a significant number of local governments have started implementing energy performance contracting projects for public lighting.

Energetski portal

COP29: New Initiatives and Financing for Combating Climate Change and Achieving Peace

Photo-illustration: Freepik (kjpargeter)

The first week of the 2024 United Nations Climate Change Conference (COP29), held in Baku, has concluded, with the event running until November 22. As previously reported, the opening days were marked by several key moments. Among them was reaching a consensus on standards for creating carbon credits under Article 6.4 of the Paris Agreement. Additionally, on the first day, priorities were set for achieving the so-called New Collective Quantified Goal for Climate Finance (NCQG). By the third day, NCQG co-chairs released the first draft decision on the new climate finance target. Furthermore, it was announced that the Loss and Damage Response Fund is ready to receive contributions, and the Baku Declaration was adopted.

As part of the COP29 Climate Business, Investment, and Philanthropy Platform (BIPCP), over 1,000 leaders from these fields convened to jointly examine the critical role of the private sector in combating climate change. These leaders, managing assets exceeding $10 trillion, committed to defining concrete steps to accelerate investment in sustainable projects and markets focused on climate actions.

The Asian Development Bank (ADB) launched a regional program to promote sustainable water use and food security in Central Asia, the South Caucasus, and Pakistan, addressing the severe impacts of glacier melting. Supported by the Green Climate Fund (GCF), the program includes risk assessments for glacier melting in Azerbaijan, Kyrgyzstan, Tajikistan, and Uzbekistan. The plan involves mobilizing up to 3.5 billion dollars from various stakeholders to invest in sustainable water use, agriculture, and support for vulnerable communities in mountainous regions.

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Azerbaijan’s banking sector announced plans to allocate 1.2 billion dollars for developing green and sustainable projects in the country by 2030. These funds will support projects that contribute to Azerbaijan’s transition to a low-carbon economy.

Notably, Sweden pledged 19 million euros to the Loss and Damage Fund last week and has now announced a 730 million dollars contribution to the UN Green Climate Fund (GCF).

At COP29, support was extended to the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), which aims to prioritize climate finance, investment, and trade in the agenda for combating climate change.

Photo-illustration: Unsplash (karsten-wurth)

Another significant milestone was the launch of the Baku Climate Action for Peace, Assistance, and Recovery Initiative (BCCAP). This initiative addresses the urgent interconnections between climate change, conflicts, and humanitarian needs. It responds to the growing recognition that the adverse effects of climate change—such as water scarcity, food insecurity, land degradation, displacement, and livelihood disruptions—contribute to emerging conflicts and instability, particularly in vulnerable regions.

As part of this initiative, the Baku Center for Climate and Peace Action was established. This platform coordinates activities to support the most vulnerable communities affected by climate and conflict crises.

The United Nations Industrial Development Organization (UNIDO) and the Climate Club launched a Global Connection Platform to accelerate the decarbonization of industrial sectors. Open to all developing countries, this platform provides opportunities to connect with global technical and financial resources to reduce emissions in high-emission industries.

Katarina Vuinac

Green Financing: Erste Bank as a Leader in Sustainable Investments and Energy Efficiency Support

Photo: Erste Bank

By investing in more than 70 green projects so far, Erste Bank has significantly contributed to the reduction of harmful gas emissions, the increase of electricity production from renewable sources and the positive impact on local communities. These projects represent concrete steps towards the development of ESG principles and a sustainable future. Commitment to these goals continues through constant support for initiatives in the field of green energy, not only in Serbia, but also in the wider region. As a leader in this field, Erste Bank continues to contribute to the process of green transformation, working on projects that help achieve the long-term goals of energy stability and environmental protection.

ESG Principles as the Key for Sustainable Business Development

Photo: Jakov Simović

By supporting sustainable initiatives and promoting the ESG agenda, Erste Bank plays a key role in the energy transition. Recently, at the SEE Energy 2024 conference, which was organized by the National Association for Biomass SERBIO, Jelena Simić Jarić, Director of the Department for Large Legal Entities, Public Sector and Corporate Financing at Erste Bank, participated in a panel entitled “ESG Principles in the Energy Transition: Innovations, Challenges and Opportunities”.

During the panel, she highlighted the key role of ESG strategies in the energy transition, stressing that it is crucial for companies to recognize the need to invest in green technologies and implement sustainable business practices. She underlined how companies that recognize the challenges of the energy transition in time and start the necessary investments can maintain competitiveness and achieve long-term sustainable development.

Investments in Serbia’s Green Future

Erste Bank has recognized the enormous opportunities for investments in renewable energy sources and the green future of Serbia, and one of the most recent projects in that area is Čibuk 2 wind farm, the sixth wind farm financed by the Bank in Serbia. This project plays a key role in achieving Serbia’s goal that by 2030, 41 percent of electricity will be produced from renewable sources. Čibuk 2 is the continuation of the existing Čibuk 1 wind farm, which already produces enough electricity to supply around 113,000 households, making it the largest operational wind farm in the country. In addition to a significant reduction in carbon dioxide emissions, this project contributed to Serbia’s energy stability, opening new perspectives for the further development of the green economy.

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Supporting Energy Efficiency Through Green Loans

Environmental sustainability and reducing the negative impact on the environment are becoming key topics for building a sustainable future. Initiatives that encourage environmentally responsible behavior have become necessary in order to create a better world for future generations.

Photo: Erste Bank

That is why Erste Bank develops products aimed at improving energy efficiency, reducing energy consumption and emissions of harmful gases. Green loans are one of the key steps in encouraging environmentally conscious financial decisions, enabling citizens and entrepreneurs to invest in technologies that will contribute to the preservation of the environment and the reduction of energy costs.

In recent years, an increasing number of Serbian citizens have been using green loans to make their homes more energy efficient and reduce energy costs. As a leader in the field of green financing in Serbia, the Bank recognized the importance of this topic and, through a pilot project that was implemented in cooperation with the European Bank for Reconstruction and Development (EBRD), within the Green Economy Financing Program (GEFF) for the Western Balkans a year ago approved the first loan to a residential community in Serbia. Three buildings in Svilajnac received a loan in the amount of 10 million dinars for the replacement of outdated fuel oil boilers with modern gas heating systems.

These projects are not only economically profitable, but also have long-term benefits for the environment, reducing the emission of harmful gases and improving the quality of life of citizens.

Commitment to Sustainable Development

Committed to sustainable business and responsible investments, Erste Bank believes that the green transition is the key to a better future – not only for Serbia, but also for the whole world. Through investments in renewable energy sources, green projects and support for ESG principles, Erste Bank creates long-term values ​​for the society, the economy and the environment, remaining committed to the mission of creating a sustainable future and setting high standards for sustainable business and a positive impact on climate change.

Source: Erste Bank

EU Economy Greenhouse Gas Emissions: -2.6 percent in Q2 2024

Foto-ilustracija: Pixabay

In the second quarter of 2024, the EU economy greenhouse gas emissions were estimated at 790 million tonnes of CO2-equivalents (CO2-eq), a 2.6 percent decrease compared with the same quarter of 2023 (812 million tonnes of CO2-eq). The EU’s gross domestic product (GDP) registered a 1.0 percent increase in the second quarter of 2024, compared with the same quarter of 2023.

This information comes from data on quarterly estimates for greenhouse gas emissions by economic activity published by Eurostat today. Quarterly estimates of greenhouse gas emissions complement quarterly socio-economic data, such as GDP or employment.

This article presents a handful of findings from the more detailed Statistics Explained article on quarterly greenhouse gas emissions. Compared with the second quarter of 2023, in the second quarter of 2024, the economic sectors responsible for the largest reductions were electricity and gas supply (-12.1 percent ) and households (-4.2 percent ).

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Greenhouse gas emissions down in 19 EU countries

In the second quarter of 2024, greenhouse gas emissions were estimated to have decreased in 19 EU countries when compared with the same quarter of 2023.

The largest reductions in greenhouse gases were estimated for the Netherlands (-9.1 percent ), Bulgaria (-6.3 percent ), Austria and Hungary (each -5.9 percent ).

Out of the 19 EU countries that were estimated to have decreased their emissions, 5 recorded a decline in their GDP (Ireland, Finland, Estonia, Latvia and Austria). The other 14 EU countries (Poland, Denmark, Croatia, Spain, Bulgaria, Slovakia, Portugal, Hungary, Belgium, Italy, Czechia, Netherlands, France and Germany) were estimated to have decreased emissions while growing their GDP.

Source: Eurostat

How Plants Clean the Environment from Harmful Substances

Photo: Science Fund of the Republic of Serbia

The story of per- and polyfluoroalkyl substances (PFAS) begins with something not uncommon in science but requires a keen and careful eye. Namely, while working on the synthesis of new compounds in the 1940s, chemists at the DuPont Company did not achieve what they had planned, but they noticed that some compounds exhibited repellence to both water and oil. Humanity was introduced to a new patent commercially known as Teflon, a compound that nature had neither synthesized before nor since. Over the years, thousands of these compounds have found applications in numerous industries – for impregnating rain-resistant jackets and shoes, as an additive in firefighting foams, as coatings on the inner sides of fresh food packaging, in cosmetics, medicine, the automotive industry, and telecommunications devices.

Harmful Effects

However, PFAS contain one of the strongest covalent bonds in nature (carbon-fluorine), making them highly resistant to biodegradation, and their removal from the environment presents a significant challenge. By the end of the last century, scientists had detected the presence of PFAS compounds in water, plants, food, blood, and breast milk. Pandora’s box was opened, and in recent years, they have been found in water, soil, and numerous organisms. Their presence near factories that produced them is not surprising, but PFAS have also been detected in very remote areas, such as the Arctic and Antarctica. Furthermore, some studies suggest that exposure to PFAS compounds is associated with harmful health effects, including a reduced immune system response, elevated cholesterol levels, thyroid hormone disruption, reduced birth weight, and more.

Photo: Science Fund of the Republic of Serbia

Due to all the aforementioned, the use of these compounds is increasingly restricted, and maximum allowable concentrations in food and water are being regulated. PFAS compounds are a global challenge, highlighted by the Hollywood film Dark Waters, which depicts the ongoing battle of lawyer Robert Bilott against the DuPont Company.

Given the significant concern surrounding this environmental issue, a group of scientists from Serbia has gathered to develop innovative strategies to address the presence of PFAS compounds in the environment. The PhytoPFAS project team, funded by the Science Fund of the Republic of Serbia, is multidisciplinary and consists of fifteen researchers from the fields of chemical, biochemical, and physicochemical sciences from four scientific and educational institutions of the University of Belgrade – the Faculty of Chemistry, the Institute of Chemistry, Technology, and Metallurgy (ICTM), the Faculty of Physical Chemistry, and the Faculty of Medicine.

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Application of New Technology

The main goal of the PhytoPFAS project, funded under the Green Program for Science and Industry Cooperation, is to develop the use of plants (phytoremediation) for cleaning polluted environments and establishing a solid foundation for applying this technology in collaboration with industry. The PhytoPFAS team will explore the possibility of PFAS compound uptake using different plants in soil and hydroponics.

After selecting the most efficient species, the plants will be tested at both the laboratory level and pilot scales. The next step involves the commercial application of the developed technology. Phytoremediation can be used to remediate existing pollution and prevent new contamination. The primary beneficiaries will be the broader population and industry, as the application of phytoremediation will contribute to a cleaner and healthier environment, more efficient use of natural resources, and reduced waste.

Researchers from the Faculty of Chemistry and the Institute of Chemistry, Technology, and Metallurgy at the University of Belgrade also coordinate another significant project related to PFAS compounds, PFAStwin, funded by the European Executive Agency for Research. This project is strengthening Serbia’s capacity for PFAS compound analysis and bioremediation.

The PhytoPFAS Project Team

The story was published in the new issue of the Energy portal Magazine ENERGY TRANSITION

Hungary’s green progress

Photo-illustration: Unsplash (Andrii-Bondarenko)

In recent years, countries around the world have set ambitious environmental goals. For some, these goals pose challenges that are not easily overcome, while others face failure. However, Hungary stands out as a country taking ecology seriously, prioritizing the development of solar energy, energy storage, and electric vehicles. Following its success in 2023, Hungary continues its intense efforts to advance environmental progress in 2024.

Hungary has exceeded its initial goals outlined in its National Energy and Climate Plan (NECP), which aims to reach 6.5 GW of solar energy capacity by 2030. This goal was already achieved by 2024, prompting a revision that increased the target to 12 GW. Last year alone, Hungary’s solar capacity grew by a record 1,632 MW.

Investments in Renewable Energy

Photo-illustration: Unsplash (Daniele-La-Rosa-Messina)

At the beginning of 2024, Hungary expanded its Napenergia Plusz program, offering subsidies of five million forints (about 13,000 euros) for the installation of solar panels and energy storage systems. The program provided a budget of 75 billion forints (about 197 million euros) to help households reduce electricity costs and become more energy-inde pendent. In the first month of the year, more than 400 contractors were registered, and over 21,500 households applied for subsidies. Due to high demand, the program’s budget was increased by 30 billion forints (about 79 million euros), enabling subsidies for more than 25,000 households.

According to the official website of the Hungarian Ministry of Energy, data from the transmission system operator MAVIR shows that, by July 2024, Hungary had installed 6,712 MW of solar power capacity. Of this total, the largest portion—3,678 MW—came from industrial facilities, meaning that nearly 90 percent of systems with capacities greater than 50 kW were operational during peak energy de – mand periods. Additionally, MAVIR noted that if this growth trend con – tinues, Hungary’s solar energy capa – city could increase by more than 1 GW in 2024, consistent with the growth seen in the past two years. Regarding households, around 270,000 solar systems are currently in operation, three-quarters of which are rooftop installations, marking a thirtyfold increase in the last decade.

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Photo-illustration: Unsplash (Maxim-Hopman)

Due to the significant rise in so – lar capacity and the growing use of other renewable energy sources, the Hungarian government has laun – ched several important programs to support the development of this sector. These include initiatives aimed at improving energy storage infrastructure, which ensures a stable energy supply and the integration of renewable sources into the power grid.

The first program was launched in January 2024 with a budget of 62 billion forints (163 million euros). The goal was to help businesses build energy storage capacities in the industrial sector, aiming to increase storage capacity twentyfold from the current 20 MW by the summer of 2026. According to the Ministry of Energy, current capacities could be increased fiftyfold by 2030.

In June, Zsófia Koncz, State Secretary at the Ministry of Energy, stated that 2024 is crucial for modernizing Hungary’s electricity grid. The government supported these investments with 160 billion forints (around 421 million euros), including constructing new substations and expanding existing transmission lines. These measures are important for improving the supply security of Budapest and Eastern Hungary.

Nuclear Energy – Key to the Future

Hungary also emphasizes the importance of nuclear energy, with the Paks 1 and Paks 2 power plants expected to produce half of the country’s energy needs by the 2030s. With the full operation of the total solar and nuclear energy capacity, the country can fully supply itself with technologies that produce zero carbon emissions. However, due to unstable weather conditions, which affect the full capacity of solar energy, nuclear energy remains crucial for Hungary. This was confirmed by State Secretary Zsófia Koncz, who stated that extending the operational life of Paks 1 and completing the construction of Paks 2 is essential.

Another energy source that Hungary is focusing on is geothermal energy. For years, the country has ranked among the top five in Europe for direct use of geothermal energy, and there are plans for a significant increase in its use by 2030. The current usage of around 6.4 petajoules is expected to increase to 12–13 petajoules, raising the share of geothermal energy in heat production from 6.5 percent to 25–30 percent. The state will provide 165 billion forints (about 434 million euros) for geothermal investments, including 34 billion forints (around 89 million euros) to reduce geological and financial risks.

Prepared by Katarina Vuinac

The story was published in the new issue of the Energy portal Magazine ENERGY TRANSITION

Mechanisms to Combat Energy Price Volatility – France’s Plan

Photo-illustration: Unsplash (ehmitrich)

The French government recently proposed a new mechanism known as the Rendez-vous Clause, designed to adjust electricity taxes in line with market fluctuations in energy prices. The plan is expected to be part of the 2025 budget, aiming to reduce electricity costs by approximately 9 percent by February 2025 for about 80 percent of households.

Photo-illustration: Unsplash (riccardo-annandale)

In response to global crises and the energy transition, which has caused significant volatility in electricity prices, the proposed clause seeks to align taxes with current market rates to prevent high financial burdens on citizens when paying their bills. Households on regulated tariffs or with contracts indexed to market prices—covering around 76 percent of French households—will directly benefit from this adjustment.

While the concept of aligning household bills with market prices is relatively new in France, similar mechanisms have been implemented globally and have proven effective in maintaining financial stability for consumers during periods of high energy price volatility.

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For example, the United Kingdom has an energy price cap mechanism that is regularly adjusted to reflect market conditions. Although the cap is not directly tied to market prices, it protects consumers from sudden and excessive price hikes. The cap covers around 28 million households and is updated every three months. For the period from October 1 to December 31, the price of gas is capped at 6.24 pence per kilowatt-hour (approximately €7.50), while electricity is capped at 24.50 pence per kilowatt-hour (slightly over €29).

In Serbia, there is currently no system directly linking electricity prices for consumers with market price fluctuations, as France plans with its clause. Electricity prices for households in Serbia are primarily regulated and set by the government, though there are variations in tariffs depending on the time of day, allowing citizens to save money by using energy during off-peak hours. However, these tariffs are not directly tied to current market energy prices. Instead, prices paid by consumers are typically reviewed annually or as needed, based on general economic conditions at the time, without mirroring direct changes in the global energy market.

Countries worldwide are exploring various ways to adapt to current energy dynamics, given the fluctuating prices, sudden spikes, and the pressure of climate goals on an already increasing demand for electricity.

Energy portal

New Auction Regulations – Greater Opportunities for Wind and Solar

Photo-illustration: Unsplash (Mark Merner)

The Government of Serbia has adopted three key regulations that pave the way for the second round of market premium auctions for wind and solar power plants, with significantly lower maximum prices compared to the previous year.

The maximum auction price for wind power plants is now set at 79 euros per megawatt-hour (MWh), while for solar power plants, it is 72 euros per MWh. This marks a substantial decrease from last year’s levels of 105 euros for wind and 90 euros for solar, according to the Renewable Energy Sources Association of Serbia (OIE Srbija).

During its recent session, the Government adopted regulations defining rules for market premiums, feed-in tariffs, and quotas for wind and solar power plants. Specifically, the Regulation on Wind Power Plant Quotas provides for a capacity of 300 megawatts, while the quota for solar power plants is set at 124.8 megawatts.

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It should be noted that Rade Mrdak, an advisor at the Ministry of Mining and Energy, announced at the OIE Serbia 2024 conference that auctions would be launched in November, highlighting new opportunities for investors and further momentum for the development of renewable energy sources in Serbia.

Last year’s auctions demonstrated high market competition, with the lowest accepted price at 64.48 euros per MWh for wind power and the highest at 89.8 euros per MWh for solar power. This year, even more favorable offers for green energy are anticipated.

Energetski portal

Four Key Measures to Save the Planet

Foto-ilustracija: Pixabay

A new study published in the prestigious journal Science reveals that implementing just four key policies could mitigate the consequences of unsustainable plastic waste management by up to 91 percent, while greenhouse gas emissions linked to plastics could be reduced by a third.

The key measures include mandating that new products contain at least 40 percent recycled plastic from post-consumer waste, capping the production of new plastic at 2020 levels, significant investments in plastic waste management infrastructure, and introducing a symbolic fee on plastic packaging to encourage reduced use and a transition to more sustainable alternatives.

The study, titled Pathways to Reducing Mismanaged Plastic Waste and Greenhouse Gas Emissions to 2050, conducted by researchers from the University of California, Berkeley, and Santa Barbara, was published ahead of critical negotiations in South Korea. These negotiations, taking place from November 25 to December 1 in Busan, will bring together delegates from over 190 countries aiming to finalize the details of the first legally binding agreement on plastic pollution.

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“This is a pivotal moment. The upcoming negotiations in Busan represent our unique opportunity as a planet to unite and tackle plastic pollution. One of the most exciting findings of this study is that we can nearly eliminate plastic pollution with this agreement. I’m cautiously optimistic, but we cannot afford to squander this once-in-a-lifetime chance,” emphasized Dr. Douglas McCauley, one of the study’s authors.

If the world continues with “business as usual,” between 2011 and 2050, it will generate enough plastic waste to cover Manhattan ten times over with piles of plastic exceeding the height of the Empire State Building.

Under this scenario, greenhouse gas emissions linked to plastics would increase by 37 percent by 2050 compared to 2020 levels. This is equivalent to the emissions from nearly 9,000 natural gas power plants operating at full capacity year-round or the amount of energy required to power over 436 million households for one year.

Milena Maglovski

When Promises Become Reality – Deforestation Rate Declines in Brazil

Photo-illustration: Freepik (wirestock)

Governments of many countries set ambitious goals and make grand promises. The shaky trust we have in them often stems from many failures to fulfill those promises. As someone who deals with such topics daily, I frequently come across headlines that confirm this. However, this time I came across news that shows one government succeeded in facing the challenge and kept the promise it made. Therefore, among a series of not-so-bright examples, I wanted to share this piece of good news with all nature enthusiasts.

The federal government of Brazil has announced a decrease in the deforestation rate in the Amazon and Cerrado.

Official data shows that the deforestation rate in the Amazon was 6,288 km² for the period from August 2023 to July 2024, which represents a reduction of 30.63 percent compared to the previous period from August 2022 to July 2023. This result is recorded as the best in the last nine years! As for the Cerrado, the rate is similarly positive – a 25.8 percent decrease for the period from August 2023 to July 2024, and notably, this is the first reduction in the past five years.

Photo-illustration: Unsplash (Lightscape)

For some, this data is encouraging, while others may see it as insufficient. I believe it is heartening, and I hope it will not end with this success. To illustrate what has been achieved, the Vice President of Brazil emphasized that the amount of emissions prevented during this period is equivalent to the emissions of the entire country of Argentina.

Without delay, the federal government has also launched the Pact for Prevention and Control of Deforestation and Fires in the Cerrado among the states of Maranhão, Tocantins, Piauí, and Bahia.

Through its example, Brazil has shown that change is not only possible but also achievable when there is a clear will, collaboration, and long-term commitment. As they emphasized, the achieved changes are the result of a new approach that transcends the policies of a single government. This success will be presented at the United Nations Climate Change Conference (COP29) in 2024, and I hope this year’s COP29 will be filled with good results and that the Brazilian government will not be the only one presenting information about fulfilling the promises they made.

Katarina Vuinac

COP29: Climate Financing Set as a Priority

Photo-illustration: Freepik (user6702303)

The United Nations Climate Change Conference 2024 (COP29) opened on November 11 in the capital of Azerbaijan, Baku, and will last until November 22.

On the first day of the Conference, the COP29 Green Zone was opened to visitors. It was organized by this year’s presidency to engage the community in green transition, technological solutions, and global cooperation. On this occasion, an event titled “Towards Net-Zero Carbon Emissions: COP29 Partnerships for a Sustainable Future” was held, gathering key stakeholders in the field of sustainability. The panel discussion covered topics such as waste management, renewable energy sources, clean technologies, and reducing greenhouse gas emissions. In addition to this panel, other events were held focused on biodiversity, innovations in renewable energy, climate justice, the importance of education in the fight against climate change, and other topics, according to the official COP29 website.

On the first day, a consensus was reached on standards for creating carbon credits under Article 6.4 of the Paris Agreement, which was characterized as an early success. As highlighted, this will increase demand for carbon credits and ensure the integrity of the international carbon market under the supervision of the United Nations.

Mukhtar Babayev, the President of COP29, pointed out on the first day that, under current policies, the world is heading toward global warming of 3°C, which could lead to serious consequences. To secure funding for climate action, he emphasized that the conference’s priority is achieving the so-called New Collective Quantified Goal for climate financing (NCQG). This goal would set a concrete amount of funds that developed countries would allocate to help developing countries combat climate change.

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On this occasion, the President also called on countries to submit updated climate contributions aligned with the Paris Agreement’s goal of 1.5°C, as well as National Adaptation Plans by 2025.

By the third day, the NCQG contact group co-chairs released the first draft decision on the new goal for climate financial contributions. During COP29, there will be opportunities for exchanging opinions and providing additional inputs to reach a final agreement at the end of the Conference.

In collaboration with the International Energy Agency (IEA), the COP29 presidency identified five key opportunities to showcase positive progress towards energy goals defined at COP28. These include advancing energy storage and electrical grids, accelerating the implementation of energy efficiency policies, reducing methane and fossil fuel emissions, supporting clean energy in developing countries, and new Nationally Determined Contributions (NDC) based on the conclusions of the Global Stocktake (GST). In this context, the COP29 presidency called on countries, business leaders, civil society, institutions, and international organizations to support these opportunities.

On the second day of the Conference, it was announced that, after signing key documents, the Loss and Damage Fund is now ready to receive contributions. Project funding is expected to begin in 2025. During the ceremony, Sweden pledged 200 million kronor (around 19 million dollars) to the Fund, pending government approval. With this contribution, the total amount of pledged funds has increased to over 720 million dollars.

Photo-illustration: Unsplash (Fiona Smallwood)

A group of leading multilateral development banks (MDB) shared projections for annual financial contributions to low- and middle-income countries at COP29 in Baku. It was stated that by 2030, MDB contributions will reach 120 billion US dollars (USD), including 42 billion USD for adaptation, with an additional 65 billion USD annually from the private sector. For high-income countries, contributions will be 50 billion USD, including seven billion USD for adaptation, with mobilization of 65 billion USD from the private sector.

It was also highlighted that MDBs have exceeded the climate financing goals set in 2019, with a 25 percent increase in direct financing and a doubling of mobilized funds last year.

The United States, China, and Azerbaijan organized a Summit aimed at accelerating actions to reduce methane and other non-CO2 greenhouse gas emissions. The focus was on key measures that can reduce short-term global warming to achieve the 1.5°C goal.

Another significant moment was the adoption of the Baku Declaration, which emphasizes the severity of climate change and its disproportionate impact on vulnerable groups, especially small island nations. It calls for urgent action and strong international support so that small island nations can strengthen their resilience to climate change and secure a sustainable future.

Katarina Vuinac

What Changes in the Energy Law Bring for the Renewable Energy Sector

Photo-illustration: Freepik (freepik)

The draft amendments to Serbia’s Energy Law introduce significant changes regarding the connection of power plants to the distribution system, especially for plants utilizing renewable energy sources.

It is prescribed that the connection procedure begins with the submission of a request to the distribution system operator for the preparation of a connection study. However, a connection study is not required for power plants with an installed capacity of less than 50 kW.

The connection study must also include temporary power restrictions during the operation of the power plant, for which the distribution system operator is not obligated to pay financial compensation to the producer. This applies if the study shows that the connection of the power plant at certain times could result in the transfer of total active power to the transmission system, exceeding the legally prescribed limits governing the use of renewable energy sources.

It is also prescribed that the distribution system operator and the applicant regulate rights and obligations in detail through a contract on the preparation of the connection study.

Additionally, the applicant is required to provide a bank guarantee for power plants with an installed capacity above 400 kW within the specified period, ensuring that the plant will be constructed within the defined timeframe. If, after the deadline for providing the bank guarantee, the total required capacity for power plants is reduced, the distribution system operator is obliged to update the connection study ex officio.

The distribution system operator is required to issue the conditions for design and connection within 15 days of receiving the application, provided that the applicant has secured a planning document and developed a conceptual solution. Furthermore, the operator must create and publish a connection procedure on its website.

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Regarding the construction of a connection to the distribution system, it is specified that the distribution system operator is the investor in the construction of the connection. At the request of the entity with the connection study and location conditions, the operator is required to conclude a connection agreement, authorizing the entity to construct the connection on behalf of the distribution system operator.

The distribution system operator is obliged to enable priority access for power plants using renewable energy sources with an installed capacity of less than 400 kW, as well as those with an installed capacity of less than 200 kW that begin operation after January 1, 2026. Priority access is also granted to plants with demonstration project status, limited to the necessary period and scope required to achieve the purpose of the project. It is specified when the Agency may, at the operator’s request, grant an exemption from priority access, with the obligation to inform the Energy Community Secretariat.

Photo-illustration: Freepik (freepik)

The draft law also regulates the certification of installers for facilities utilizing renewable energy sources. The introduction of certification for installers of renewable energy facilities will bring numerous benefits to Serbian citizens, including increased safety and security, installation quality that ensures optimal efficiency and system longevity, better protection, and consumer trust from professionally executed installations that prevent potential losses and system issues.

“Standards and guidelines for installation will be established, helping to achieve consistency across the industry, thereby contributing to market order. This, in turn, can facilitate the quicker adoption of renewable energy as part of the energy mix and promote sustainable energy technologies,” the document states.

In the section on energy permits, the draft law stipulates that an energy permit is not required for the construction of facilities built under the law on the use of renewable energy sources and for energy storage.

Energy portal

Furniture and Wood – The Driving Force of Bosnia and Herzegovina’s Wood Industry

Photo: Courtesy of Dinko Mujkić

The Furniture and Wood (Namještaj i Drvo) Wood Cluster Association from Sarajevo is a key organization that brings together around 80 companies from the wood industry and furniture manufacturing sectors, as well as research and educational institutions across Bosnia and Herzegovina. The cluster is dedicated to improving collaboration among its members, developing sustainable production, increasing exports, and educating the workforce.

The cluster actively promotes domestic products through numerous projects and initiatives, boosts market competitiveness, and implements innovations and new technologies. Their activities encompass development and innovation, promotion and marketing, networking, education, and sustainable development. Additionally, through partnerships with similar organizations in the region, the cluster successfully collaborates at the international level, further contributing to strengthening the wood industry in Bosnia and Herzegovina.

Photo: Courtesy of Dinko Mujkić

Dinko Mujkić, president of Furniture and Wood, told the Energy Portal Magazine that illegal logging poses a major problem in Bosnia and Herzegovina, with significant negative consequences for the wood sector.

“The Furniture and Wood Association emphasizes the importance of passing a Forest Law, which would regulate this area and enable more efficient control. We believe that curbing illegal activities requires enhanced inspections, introducing digital forest monitoring systems, raising public awareness, and stronger regional and international cooperation,” Mr Mujkić adds.

On the other hand, the cluster members believe that the government’s approach to the wood sector in Bosnia and Herzegovina is not at a satisfactory level. Issues such as insufficient law enforcement, lack of political will, and corruption further complicate the situation, threatening the sustainable development of this sector.

IN FOCUS:

The Importance of Trade Fairs for the Wood Industry in Bosnia and Herzegovina

Participation in trade fairs is of exceptional importance for furniture manufacturers from Bosnia and Herzegovina. Mr Mujkić highlights that trade fairs provide an opportunity to increase visibility and recognition in the global market, network with key industry players, keep up with the latest trends and innovations and expand markets and exports. Additionally, direct contact with customers at fairs allows manufacturers to receive feedback and adjust their products to market needs. He particularly highlights the importance of collective appearances at fairs such as MOW in Germany, IMM Cologne, Salone del Mobile in Milan, and others, as this helps strengthen Bosnia and Herzegovina’s image as a country with a high-quality wood industry.

Decline in Exports of Bosnia and Herzegovina’s Wood Industry

The wood industry of Bosnia and Herzegovina has faced a decline in exports in recent years, which significantly affects this sector. The value of wood industry exports in 2023 amounted to 1,592,465,387 BAM, a decrease of 12.3 percent compared to the previous year. The decline in exports mainly affects the furniture sector, which accounted for 43 percent of total exports last year, with a 3.9 percent decrease compared to 2022. This trend negatively impacts wood processors, reducing revenues and making business operations more difficult. Our source highlights the need for government support to increase exports by strengthening legal regulations and improving the business climate in the country.

Prepared by Milica Radičević

Read the whole story in the new issue of the Energy portal Magazine ENERGY TRANSITION

Proposed Law on Amendments to the Energy Law: What Changes are Being Introduced?

Photo-illustration: Freepik (pvproductions )

Since the Energy Community Treaty came into effect in 2006, an agreement between the European Community, Serbia, and other regional countries, Serbia has been obligated to align its national legislation in the energy sector with the European Union’s legal standards. To advance the reform process in the energy sector, Serbia adopted the Energy Law in 2014, which aims to establish conditions for the development and efficient operation of all entities conducting energy-related activities according to market principles, while also harmonizing this law with EU regulations.

As part of this ongoing process, the Energy Law Amendment Acts of 2021 and 2023 were adopted.

Following decisions by the Energy Community in 2022 that required Serbia to incorporate certain EU regulations from the Third and Fourth Energy Packages, a deadline for alignment was set for December 31, 2023. However, additional obligations in December 2023 extended the deadline for incorporating EU Regulation 869/2022, concerning trans-European infrastructure guidelines, to December 31, 2024.

The draft law on amendments to the Energy Law, adopted by the Government of Serbia, specifically addresses fulfilling this obligation, allowing for the incorporation of regulations from both packages, so Serbia can meet its commitments to the Energy Community.

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Key Provisions Introduced in the Draft Law

Below are some important changes included in the draft law on amendments to the Energy Law.

The draft law introduces new terms and their definitions, including the concept of “energy poverty.”

It provides for the adoption of a Hydrogen Development and Usage Program, as well as a Program for the Development and Use of Thermal Energy. These programs aim to define the directions and public policies for production and utilization in these sectors. For hydrogen, additional provisions cover its transportation and storage.

In terms of supply security, there is a requirement to establish a Special Working Group for Energy and Energy Supply Security to monitor the supply to the domestic market. Additionally, the Ministry is required, on the Agency’s recommendation, to set system reliability standards in a Supply Security Report.

Photo-illustration: Unsplash (Dina Lydia)

The draft law mandates the appointment of a competent authority in Serbia responsible for planning and managing risks in the electricity sector, identifying scenarios for energy crises, and developing and implementing a readiness plan. A Risk Readiness Plan, based on crisis scenarios, will be adopted at the Ministry’s proposal and updated every four years.

Regarding energy activities, a new activity, “aggregation as a market activity,” is introduced. New conditions are specified for when an energy permit is not required for constructing energy facilities, and new requirements for issuing energy permits are also specified. The scope of electricity production has been expanded to include power plants using two or more electricity generation technologies, including facilities for storage integrated into a single production system.

The capacity assurance mechanism is also addressed, including when the Government can implement this mechanism to eliminate deficiencies in electricity production and transmission systems. From July 2025, generation capacities emitting more than the permitted CO2 level will not be eligible for this mechanism. The transmission system operator will be responsible for procuring necessary capacities.

Responsibilities have been increased for both transmission and distribution system operators.

For connecting power plants to the distribution system, the process will begin by submitting a request to the distribution system operator to prepare a connection study. The connection study is not required for power plants with an installed capacity of less than 50 kW.

Concerning advanced metering systems, it specifies the cases in which end-users are entitled to an advanced meter.

Provisions related to nuclear energy have also been added, defining phases in the development of a civil nuclear energy program. It states that the Ministry will perform expert and executive tasks related to assessing the justification of adopting a nuclear energy program, its jurisdiction, and sources of funding for activities within the stages of assessing the justification of nuclear energy development. Additionally, on the day this law comes into effect, the Law on the Ban of Nuclear Power Plants in the Federal Republic of Yugoslavia will be repealed.

Katarina Vuinac

Successfully Lowered Rotor in the Bajina Bašta Reversible Hydropower Plant

Foto-ilustracija: Pixabay

The revitalization of the first unit of the Bajina Bašta reversible hydropower plant represents a crucial investment for “Elektroprivreda Srbije.” The project is in its final stages following the successful lowering of the 450-ton rotor into the generator stator.

This complex operation, lasting several hours, required precise work with cranes, hoists, and special cables, as well as an experienced team and favorable weather conditions.

“All conditions were met, and the task was completed flawlessly,” stated Slobodan Spasojević, head of the Mechanical Maintenance Department at the Bajina Bašta Hydropower Plant.

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The project is being executed by the Japanese company “Toshiba,” with support from subcontractors “Goša Montaža,” “Elektromontaža,” and “Elektroremont,” while oversight and crane operations are handled by the Bajina Bašta Hydropower Plant team, as stated in EPS’s announcement.

The next steps include connecting the rotor with the shaft, assembling the upper cross of the generator, and the upper guide bearing of the generator. The revitalization of the first unit is expected to be completed this year, with the second unit scheduled for 2025 as planned.

Upon completion of this revitalization project, taking place 42 years after the plant’s commissioning and 20 years since the last major overhaul in 2004, the long-term operation of this vital facility for “Elektroprivreda Srbije” will be secured. The revitalization ensures that the Bajina Bašta Hydropower Plant continues to provide reliable energy supply.

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