Energy Efficiency Fund starts its mission in Ukraine

Source : 112 Ukraine

The government hopes to be able to save at least 1.5 billion cubic meters of gas yearly as a result of the fund's operation
20:22, 2 January 2018

The Energy Efficiency Fund has started its work in Ukraine, where it aims to act as an effective tool for the implementation of state energy modernization projects at the household and corporate levels, according to the media liaisons department of the secretariat of the Cabinet of Ministers of Ukraine.

Related: Energy Efficiency Fund: What Ukrainians will receive money for?

The fund is expected to provide finance for the implementation of a number of thermal modernization projects, the introduction of effective and control systems, the establishment of effective heating and cooling equipment, as well as the replacement of existing systems with more efficient equipment. The funds will be provided through a partial refund of the cost of measures on energy efficiency to individuals and corporations.

Related: Groysman: Government to focus on energy efficiency reform

“We are allocating a total of $70.67 million to various energy efficiency programs, which will include $14.13 million for “warm loans” and $56.54 for large-scale energy modernization projects,” Prime Minister Volodymyr Groysman announced. According to Groysman, in addition to budgetary allocations, money is also to be received “from the European partners.”

Related: EBRD allocates EUR 75 mln for energy efficiency programs in Ukraine

Prime Minister outlined that all energy modernization projects would be implemented at the same time as programs that aim to introduce efficient consumption of resources and other significant rise in the production of domestic natural gas.

Related: Poroshenko: Energy efficiency reform will allow cutting state expenses on subsidies

According to government forecasts, after 3 to 5 years of the Energy Efficiency Fund’s operation in Ukraine, the country will be able to save at least 1.5 billion cubic meters of gas per year as a result of more efficient use of fuel. At the same time, the launch of new industrial items based on the latest technologies is projected to create around 75,000 new jobs.

Related: IBRD gives $ 300 mln loan for Ukrainian energy efficiency project

On 8 June 2017, the National Parliament of Ukraine adopted the law on the Energy Efficiency Fund. On 20 July 2017, the law was signed by the President of Ukraine Petro Poroshenko. On 20 December, the state-owned enterprise Energy Efficiency Fund was officially established.

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