📌 Ukraine Recovery Plan

On July 4, Prime Minister of Ukraine Denys Shmyhal presented the Recovery Plan of Ukraine at a conference in Lugano.

The plan is for 10 years and covers 15 fields (850 projects), the implementation of which requires financing of approximately USD 750 billion (details on slide 12), of which:

• Energy independence and green energy transition –  USD 130 billion;
• Restoration and modernization of housing and infrastructure of the regions -  USD 150-250 billion.

By 2032, +5% of renewable energy supply is expected, which means an increasing RES capacity by 5-10 GW, and +9% of energy supply from nuclear energy, namely, extending the lifetime and increasing the availability of existing blocks. The plan also provides a vast build-up of RES (up to 30 GW) and integration into the EU`s low-carbon H2 value chain (see slide 30 for details).

Recovery Plan.

Ukraine Recovery Plan: Energy.

More presentations from conferences.

📌Ukraine plans to build 7.1 GW of new green energy capacity

"Our goal is to build 7.1 GW of new capacities of renewable energy sources, switching to market models of stimulating green energy, in particular, "green" auctions. We also plan to install 750 MW of storage capacity at the first stage. This will increase the stability of the energy system," noted Herman Halushchenko.

The development of hydrogen energy can make a significant contribution to the green transformation. "We are considering 10 GW of hydrogen export from Ukraine to the EU, which was outlined by the European Commission as our starting indicator," the minister noted.

📌The European Commission labels gas, and nuclear projects as green for investment

European Union lawmakers voted to allow natural gas and nuclear energy to be labelled as green investments, removing the last major barrier to potentially billions of euros of funding from environmental investors. Some of the Commission's proposals:

• Gas projects replacing coal and emitting no more than 270 grams of CO2 equivalent per kilowatt-hour can get a temporary green label, or if annual emissions don’t exceed an average of 550 kilograms per kilowatt-hour over 20 years.
• Such plants would have to obtain construction permits by 2030, and have plans to switch to renewable or low-carbon gases by end-2035.
• Nuclear is eligible if new plants that are granted construction permits by 2045 avoid significant harm to the environment and water resources.
• Funds need to enhance disclosures to investors on nuclear and gas holdings under the taxonomy. Details.

EU taxonomy for sustainable activities.

📌Climate Risk Management for Financial Institutions

On June 29, an online discussion on climate risk management by the Green Banking Academy (IFC-GBAC) took place. The importance for financial institutions to establish proper Climate Risk Management (CRM) policies and systems, the challenges for financial institutions in managing climate-related risks and recommendations on how to build a sound CRM system were discussed. Presentation.