Péter Szijjártó, Minister of Foreign Affairs and Trade, said the so-called Green Energy Corridor, an initiative to bring green energy from the South Caucasus to Europe, is nearing a "point of no return".
At a meeting of the project aimed at enabling the import of green electricity from Azerbaijan and Georgia by Hungary and Romania, Minister Szijjártó warned that mankind had entered "an age of dangers" in which energy security would be critical for national security.
According to a ministry statement, Minister Szijjártó said the government had a duty to guarantee a secure and stable energy supply while keeping environmental protection aspects in mind.
One key component of this strategy, he said, was the expansion of nuclear capacities, noting that by building the two new reactors at the Paks nuclear plant, Hungary will increase the plant's output to 4,400 MW from the current 2,000 MW.
Solar energy capacities must also be developed, the minister said, noting that the combined capacity of Hungary's solar parks has increased eightfold to 6,700 MW over the last five years.
Szijjártó said the strategy also called for exploring possibilities for cooperation with reliable international partners and incorporating new delivery routes. He said the "best example" of this would be the Green Energy Corridor, which would enable the supply of new green energy sources from Georgia and Azerbaijan, making Hungary's electricity consumption more sustainable.
"Nothing can be greener" than Azeri wind power and Georgian hydropower, he said, adding that the import of these energy sources to Hungary, Romania, and "hopefully Bulgaria" was "an excellent opportunity".
Szijjártó noted that Romania is building a new high-voltage interconnector that is set to reach the Hungarian border by 2028–29, adding that Hungary, too, is working on the infrastructure developments needed for this energy link.
He hailed Tuesday's meeting as a milestone in the project, saying it was "approaching the point of no return" as the electricity companies of the participating countries are setting up a joint venture and preparing to sign the modified version of their green energy partnership agreement so that it is in full compliance with European regulations.
"I do believe that establishing this joint venture and amending our cooperation agreement, adjusting it to the European regulations, will allow all four -- and with Bulgaria, all five of us -- to take big steps towards our energy sovereignty to ensure a stable, sustainable, and affordable energy supply for our countries," Szijjártó said, adding that the plan is to have a feasibility study ready by next year.
The minister expressed hope that the European Union would contribute to the project financially.
"We understand the fantastically beautiful words about diversification, we understand the inspiration, but it's not an ideological or a political question," Szijjártó said. "This is a physical question, which means infrastructure development and infrastructure development rarely happens without financial support."
"Therefore we do hope that the European Union will take its own commitment to diversification seriously and will contribute by financial means to our project as well," he said.
Minister Szijjártó noted that the project's 1,100km underwater electric power cable will be the world's longest.