Addressing a press conference after a meeting of the management committee of the so-called Green Energy Corridor in Budapest, Péter Szijjártó said Hungary, Azerbaijan, Georgia, Romania and Bulgaria had signed a declaration of intent on cooperation on green energy which would see them coordinate their green strategies, developments and innovation via a shared platform.

The electricity firms of the five countries will set up a joint venture to manage the project’s technical and technological implementation, he told a joint press conference with the energy ministers of Azerbaijan, Georgia and Romania and the deputy energy minister of Bulgaria, according to a ministry statement.

Also, a tender will be called for a joint feasibility study, with the winning bidder to be decided early next month, he said. The participating countries will also take joint steps to ensure that the financial resources for the project are in place, Szijjártó said, noting that the European Commission was also represented at Tuesday’s meeting.

Szijjártó: Green Energy Corridor Will Require EU Support

The so-called Green Energy Corridor Hungary, Azerbaijan, Georgia, Romania and Bulgaria have agreed to establish is a European matter and the infrastructure upgrades related to it will require financial support from the European Union, the minister of foreign affairs and trade said in response to a question.

Addressing a joint press conference with the energy ministers of Azerbaijan, Georgia and Romania and the deputy energy minister of Bulgaria, Péter Szijjártó said Azerbaijan and Georgia were undertaking huge investments in hydro and wind power, and central Europe had started developing its own infrastructure so that it could handle as much green energy imported from the South Caucasus as possible for consumption and being transported further west.

This project, he said, required linking Georgia and Romania with what would be the world’s longest, 1,100km submarine cable. If all goes to plan, energy deliveries along this route can begin by the beginning of the next decade, he added.

Amid the crises of recent years, Hungary has maintained its economic growth thanks to record investments, but the start-ups of new plants will also increase energy consumption, Szijjártó said.

Hungary aims to continue expanding its economy while reducing its harmful emissions, he said. Meeting this goal requires green energy, he said, adding that in the coming years electricity would become even more important in Hungary for transport, industry as well as heating and cooling technologies.

Electricity consumption in Hungary is set to rise by 50% by 2030, and the country plans to produce this electricity carbon-free, which is why it is expanding its nuclear and solar energy capacities, the minister said.

At the same time, Szijjártó said, it was important that the electricity Hungary imports also be carbon neutral, adding that the Green Energy Corridor was key to this.