Ukraine has set an ambitious climate goal of reducing CO2 emissions by 65% from the 1990 level by 2030. This goal can only be achieved with a strategic approach to energy transformation and guarantees of attracting long-term systemic investment in new Renewable Energy System (RES) facilities.
DTEK Executive Director Dmytro Sakharuk made this point when he spoke at the Business Decarbonisation Dialogue organised by the British Embassy in Ukraine and the Office of the National Investment Council.
He said: "For Ukraine to achieve its ambitious CO2 goal, the energy sector has to invest at least $2.75-3 billion (UAH75-80 billion) in decarbonisation projects every single year. What is holding us back is that investing in Ukraine is high risk, particularly when it comes to the renewable energy sector. We urgently need the state to implement common rules of conduct policy for foreign and domestic investors to reduce that risk. That will allow us to make the move from talking about our climate programme to delivering the actions required to implement it.”
According to expert modelling, resolving the issue of debt repayment to all RES producers, resulting in the restoration of investor confidence, will contribute $3 billion (UAH80 billion) of growth to Ukraine's average annual GDP, as well as accelerating the RES programme.
