Georgian First Vice PM features at Green Energy Corridor Ministerial in Budapest

Levan Davitashvili, the First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia, on Monday participated in the Green Energy Corridor Ministerial in Budapest.

A plenary session of the Green Middle Corridor Ministerial was held in Budapest with the participation of high-ranking representatives from the governments of Georgia, Hungary, Romania, Bulgaria and Azerbaijan.

The session discussed key areas of strategic partnership in the development and transmission of green energy. Speakers at the ministerial included Levan Davitashvili, the First Vice Prime Minister of Georgia and Minister of Economy and Sustainable Development, Hungarian Foreign Minister Péter Szijjártó, Parviz Shahbazov, the Minister of Energy of Azerbaijan, Ion Bușdugan, the Minister of Energy of Romania and Zhecho Stankov, the Minister of Energy of Bulgaria.

From Georgia, the session was also attended by Giorgi Gigineishvili, the General Director of the Georgian State Electrosystem, and Tamar Liluashvili, the Ambassador of Georgia to Hungary.

“We are shaping the future of energy in the region together, and together we will achieve our common goal - a clean, interconnected, and secure energy future. To achieve this, we need even more effort and cooperation to turn our plans into real actions. I sincerely thank our partner countries and stakeholders for their active support”, Davitashvili said.

One of the important topics discussed by the ministers was the progress of the Black Sea submarine cable project and various related issues.

The participants of the ministerial agreed that Bulgaria would also join the Black Sea submarine cable project.

“During the ministerial, a joint letter was signed by Azerbaijan, Georgia, Romania, and Hungary to European Union Commissioner Kadri Simson, emphasising the importance of increased EU support for the Black Sea submarine cable project, which is vital not only for the region but also for the energy security and green energy future of Europe”, he noted.

The ministerial also included a discussion on the importance of a swift transition to renewable energy to enhance energy security, economic stability, and environmental protection.

A memorandum on strategic partnership on the development and transmission of green energy was signed between the governments of Azerbaijan, Georgia, Romania, and Hungary in 2022.

The document is based on the shared interests of the four countries, focusing on consolidating national and regional energy security and integration in the Black Sea basin, diversifying energy supply sources, capitalising on the renewable energy production potential in the Caspian region, and increasing the share of renewable energy.

Notably, after conducting the technical and economic feasibility studies for the Black Sea submarine cable project and achieving positive results, a joint company, the Green Energy Corridor Electric Power Company, was established.

This company will bring together technical expertise, attract investments, and ensure the successful completion of the Black Sea submarine cable project.