Clean energy in focus at Budapest Energy Summit

The second day of the international event was opened by Minister of State for Energy and Climate Policy Péter Kaderják, who said that clean, smart and manageable energy must be ensured, and that this is now the goal of Hungaryʼs new energy policy concept.

Kaderják indicated that Hungary could cut greenhouse gas emissions by 40% by 2030, compared to their 1990s level, while maintaining economic growth. Emission reductions are not the only goal of climate protection, he noted, but the costs of such reductions to the consumer must also be considered. Consequently, he stressed the importance of promoting all forms of energy saving and energy efficiency.

During the day, the future role of natural gas and its contribution to the energy market transition were also discussed at several panel discussions. According to the speakers, the development of natural gas infrastructure is unavoidable for the future security of supply.

Besides pipeline investments, the development of European LNG import capacities also appears necessary. At the LNG terminal on the Croatian island of Krk, capacity bidding offers are awaited by the project company until December 19, recalled Barbara Dorić, managing director of LNG Croatia, the company responsible for the development of the terminal project. At the moment, it appears that the terminal can be put into operation from the end of the decade, she added.

Another panel discussed the future of nuclear power generation. János Süli, minister without portfolio responsible for the expansion of Hungaryʼs Paks Nuclear Power Plant, said the investment is inevitable for both the security of electricity supply in Hungary and for sustainability. He noted that while the government is not against the development of renewable sources, nuclear and renewable energy will together be able to secure the security of Hungaryʼs energy supply. He recalled that not only in Hungary, but also in the EU, a significant amount of power plant capacity will need to be replaced in the coming decades.

One notable part of the Tuesday program was a panel discussion featuring László Varró, chief economist of the International Energy Agency (IEA), and Spencer Dale, BPʼs chief economist, after the presentation of the BP Energy Outlook. Both said they believe the current energy trajectory does not ensure sustainability, and requires governmental and regulatory action.

At todayʼs discussions, the Budapest Energy Summit is set to focus on industrial innovation and digitization.