UNDP, energy saving agency team up on sustainable, inclusive, green economic development in Ukraine

November 10, 2021

UNDP and the State Agency on Energy Efficiency and Energy Saving of Ukraine will cooperate on socio-economic recovery and energy efficiency

Photo credit: Oleksandr Ratushniak / UNDP Ukraine

Kyiv, 10 November 2021 – The United Nations Development Programme (UNDP) in Ukraine has signed a memorandum of understanding (MoU) with Ukraine’s State Agency on Energy Efficiency and Energy Saving (SAEE) to cooperate in developing the green finance market, enhancing energy efficiency and energy security in the context of Energy Strategy of Ukraine until 2035, and supporting Ukraine’s efforts to achieve more sustainable human and economic development.

Commenting on the MoU, UNDP Resident Representative in Ukraine Dafina Gercheva said her agency is glad to support Ukraine’s efforts to advance sustainable development and strengthen national energy security.

“Building a green economy and green finance have become key areas of UNDP support to Ukraine’s government,” Gercheva said.

“I’m pleased to see that thanks to the efforts of UNDP and our partners, conducive legal, regulatory and institutional frameworks will be developed to facilitate the establishment of a green finance market in Ukraine. UNDP stands ready to further strengthen the capacity of the State Energy Efficiency Agency for implementing 2035 Energy Strategy, 2030 National Economic Strategy, NDCs, and other national and international commitments, including the EU Green Deal.”

Valerii Bezus, Head of State Agency on Energy Efficiency and Energy Saving of Ukraine, noted: “Ukraine has a significant potential for energy efficiency in all sectors of the economy. Various tools, including financial ones, are required for its implementation. At the initiative of the State Agency on Energy Efficiency, the legal framework for green bonds has already been established. At the same time, further development of green financing, including with the support of UNDP, will be a driver of change, lowering barriers and enabling the launch of numerous energy efficiency projects. I am convinced that cooperation with UNDP will contribute to the quality implementation of energy efficiency policy and reduce the energy and carbon intensity of the economy as a whole.”

According to the MoU, the parties will cooperate to promote more sustainable, inclusive, and green economic development. Cooperation plans include facilitating the development of green and sustainable finance to make Ukraine’s financial system more resilient to environmental, social and governance risks. The sides will also work to improve the decision making and planning process in the housing and utilities sector, so as to reduce the energy, resource and carbon intensity of the economy. Joint work will be done to strengthen energy security in accordance with the Energy Strategy of Ukraine until 2035, improving energy efficiency and developing renewable energy, supporting the introduction of the Renewable Energy Guarantee of Origin, and partnering and cooperating on taking energy efficiency measures in public buildings in Ukraine.

The cooperation will in turn enable the implementation of standards for sustainable financing, and in the governance of environmental and social risks. It will also increase the effectiveness and participation of the banking sector in the sustainable development of Ukraine via non-regulatory mechanisms, and promote the development of energy efficiency and private investment in energy efficiency in public buildings through appropriate catalytic financial incentives, including the establishment of a Financial Support Mechanism. Cooperation will also focus on developing legislation to establish a comprehensive nationwide energy management and information system.

Media Enquiries

Yuliia Samus, UNDP Communications Team Leader, yuliia.samus@undp.org, +380971391475

Taisiia Zaika, SAEE Deputy head of Communications department, pressa@saee.gov.ua, +38 096 906 85 95

UNDP, energy saving agency team up on sustainable, inclusive, green economic development in Ukraine