22 March 2024

Lykos Balkan Metals at Energy Summit in Trebinje

The fifth Energy Summit (SET) with the theme “Energy Connectivity in the Western Balkans” is taking place in Trebinje from March 20 to 22, the leading regional event accelerating the transition of the energy sector to clean energy. Our company, “Lykos Balkan Metals” (LBM), was a proud sponsor of the panel “Development of the Natural Gas Sector and the Possibilities of Using Natural Gas as a Transitional Fuel in the Decarbonization Process of the Western Balkans” at this year’s summit in Trebinje.

“Decarbonization of the energy sector and the provision of clean, affordable, and secure energy are crucial for achieving the climate goals in 2030 and 2050. Studies have shown that the production of metals needed for renewable energy sources such as solar and wind energy needs to increase twelve times by 2050. Therefore, Lykos Balkan Metals and companies involved in geological exploration are an essential part of the green transition process,” said Mladen Lujić, Director of LBM, in his introductory speech at the summit.

Lujić emphasized the incredible importance of geological exploration, mining, and geology in general, for the world as we know it today and for the future that is not possible without them.

“It is expected that by 2040, the world will need four times more critical metals for green technologies than today, to even come close to meeting zero carbon footprint goals. Information about the resources we have gives us the opportunity to plan long-term in terms of using our own resources and reducing dependence on other countries. We need to be aware that if we want to use green technologies in the future, it is crucial to know not only which mineral resources we have but also which strategic raw materials we have, which are crucial for these technologies. Therefore, it is in the interest of every country to have this information. Considering that detailed geological exploration is funded by foreign investments because they involve million-dollar investments, companies like ours enter the market. With the arrival of our company in the Republic of Srpska, more than 15 million marks of direct investments have been made,” explained Lujić.

We presented the vision of LBM to the attendees, which is to remain leaders in the field of geological exploration in the Republic of Srpska (BiH) and a competitive company in this part of Europe. As a responsible investor, we aim to positively impact the community in which we operate, respecting the highest global standards for environmental protection and human health. All relevant representatives of the energy sector in the region, top experts in the field of energy, and leaders of domestic companies and institutions participated in SET to share ideas that create blueprints for a sustainable future.

“It is clear that the world will increase its energy needs several times in a few years, and therefore we must keep pace with modern trends. Energy is the capital of the future,” said the President of the Republic of Srpska, Milorad Dodik, during the opening ceremony.

Currently, in the Republic of Srpska, several concession agreements have been signed for the construction of hydro, solar, and wind power plants that will produce a total of 1790 megawatt-hours of electricity, with a total investment value of 4.3 billion marks.

“This is the greatest advantage and development opportunity for Srpska, which is the driving force behind both economic and every stability. Most of these facilities are being built in the Herzegovina region, which is expecting a revival, but we do not neglect other regions,” said Petar Đokić, Minister of Energy and Mining of the Republic of Srpska.

Over three days, SET brought together about 1,000 participants from 11 countries and over 200 companies. A series of panels, discussions, as well as business meetings were held on the sidelines of the summit with investors from China, Germany, Austria, Hungary, Turkey, providing a good opportunity to acquaint themselves with domestic potentials.

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