Bulgaria will receive €1.2 billion from the Fair Transition Fund after the European Commission approved Bulgaria's Territorial Just Transition Plans, the Commission's press office said.

The funds will be allocated to the regions of Stara Zagora, Kyustendil and Pernik, which face the greatest socio-economic challenges in phasing out coal and reducing CO2 emissions. 

The government's priority is to ensure that this money reaches the regions as quickly, efficiently and transparently as possible, the cabinet's press office said. The funding will support the transition away from coal-fired power generation, retraining and upskilling, and the creation of new employment opportunities for more than 15,000 workers in the three regions. 

Over the next six years, mining areas will be rehabilitated and transformed into industrial zones and renewable energy sites. The funding will be used to support workers and introduce energy efficiency measures in the homes of energy-poor households. It will be used to build industrial parks and zones, develop renewable energy production and components, and diversify the economy through new businesses. In Stara Zagora, investments in large enterprises will be supported and so far more than 20 companies have expressed preliminary interest.

The programme will help Bulgaria meet the EU's climate and energy targets by 2030 and become a climate neutral economy by 2050.