Today, global political leaders and energy companies are united against climate change. The US-Ukraine Foundation’s annual business conference “Ukraine in Washington and Beyond: Powering Partnerships Through Innovations and Startups” serves as a platform for discussing different aspects of the US-Ukraine strategic partnership.
Event speakers included high-ranking US and Ukrainian officials, as well as leading experts who explored the security environment, investment opportunities and energy market. The support of Ukraine’s American partners is crucial to implementing key reforms and enhancing the Ukrainian government’s ability to introduce proper regulation in order to build a competitive energy market. Transparency on the part of policymakers is fundamental to building a competitive market and attracting investment to boost new capacity and the development of innovative technologies. By overcoming these challenges, Ukraine will be able to make a significant contribution to the global fight against climate change.
“Ukraine must become a leader in the decarbonization of Eastern Europe. This will be accomplished through the continuation of reforms and synchronization of the EU and Ukrainian energy systems. This is a necessary step towards Ukraine’s full European integration, and it should be a national priority when conceptualizing policies for Ukraine’s energy sector”, said DTEK CEO Maxim Timchenko.
Ukraine aspires to become a member of the EU, which plans to become climate neutral by 2050. Innovation and the development of renewable energy sources will be key to achieving this goal. If Ukraine matched EU member states’ climate commitments, it would require the country to produce about 32% of its electricity from renewable sources by 2030 and roughly 80% by 2050.
Nadiya McConnell, President of the US-Ukraine Foundation, added, “The US is a key partner in Ukraine’s transformation into a modern European state. Building stronger economic and business ties through bilateral trade and investment are key ingredients in our strategic partnership. It is important to create stable conditions of trust for attracting investments, because this is key to the success of this process”.
Today, DTEK is a pioneer and innovator in the Ukrainian energy market. The company has completed the installation of Ukraine’s first industrial-grade energy storage system, introducing a technology which can act as the catalyst for further developments in the Ukrainian energy market.
