Ukraine presents USD 78 billion green investment portfolio to implement NECP at COP29
26.11.2024 | 14:31 | Section for Public and Mass Media Relations
Ukraine demonstrates its continued commitment to climate goals and continues to implement environmental initiatives. Deputy Minister of Economy Andrii Teliupa took part in a series of events at the UN Climate Change Conference COP29, which is taking place in Baku from 11 to 22 November 2024.
At the “Untapped Potential: The Role of Just Transition in NECP” panel discussion, the Deputy Minister of Economy presented Ukraine’s National Energy and Climate Plan (NECP), which was developed and approved in record time – less than a year. The plan contains 140 specific measures and sets ambitious targets: reducing greenhouse gas emissions by 65% by 2030 compared to 1990 and achieving a 27% share of renewable energy sources in total energy consumption.
During “How to Make a Ukrainian Economic and Climate Miracle” event, Andrii Teliupa presented a large-scale investment portfolio developed to achieve the NECP goals. It includes 260 projects worth about USD 50 billion and 140 public investment projects worth USD 28 billion. An institutional structure has been created to support the implementation of the plan: the Green Transition Office under the Ministry of Economy and an interagency working group. It is planned that the first pilot projects will be presented at the Ukraine Recovery Conference in 2025.
At the “Improving Ukraine’s Energy and Climate Modelling Capacity” forum, special attention was paid to the importance of reliable modelling for the successful implementation of the NECP and achieving climate neutrality by 2050. The key role of the newly established Green Transition Office in developing sectoral decarbonisation pathways, starting with the cement industry and agriculture, was highlighted, and the need to align sectoral analysis with economy-wide modelling was emphasised.
The role of the circular economy in achieving climate goals was also discussed at the UNIDO pavilion at COP29. The Deputy Minister of Economy emphasised that the Government of Ukraine was committed to rebuilding the country on the “build back better” principle, and therefore puts the circular economy and resource efficiency at the centre of its industrial development strategy. This involves a shift from linear production and consumption models to circular ones, which not only reduces resource consumption, waste and pollution, but also promotes inclusive and sustainable industrial development.
Background information:
COP29 (Conference of Parties) is the largest and most influential annual international climate forum. Within its framework, representatives of 198 participating parties (197 countries and the European Union) assess global efforts to implement the Paris Agreement and agree on further steps to limit global warming.
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