Ukraine and UK agreed on a fund worth 62 million pounds to strengthen energy security
The Ministry of Energy of Ukraine and the UK Ministry of Foreign Affairs have signed a memorandum on energy partnership, which provides for the creation of a new InnovateUkraine Green Energy Challenge Fund in the field of green innovations in the amount of 62 million pounds.
Source: Press service of the Ministry of Energy of Ukraine, as European Pravda writes
Details: The document was signed by Herman Halushchenko, the Minister of Energy of Ukraine, and Leo Docherty, the Parliamentary Under-Secretary of State for Europe, within the framework of the Ukraine Recovery Conference in London.
The memorandum envisages the creation of a new InnovateUkraine Green Energy Challenge Fund in the amount of 62 million pounds. Its main goal is to strengthen energy security.
The initial contribution will be 10 million pounds, with the remainder to be allocated in instalments until 2025.
The funds will go to energy innovation projects that will accelerate the process of reconstruction and restoration of the Ukrainian energy infrastructure.
Quote: "Cooperation with our UK partners will make it possible to modernise our energy system and strengthen its resistance to military threats, as well as create the basis for the development of green energy. In the near future, within the framework of this programme, the Ukrainian energy sector will receive additional resources for carrying out repairs and restoring damaged infrastructure," Halushchenko noted.
According to the memorandum, the UK side will provide support to the Ministry of Energy within the framework of the new clean energy partnership and will continue to support the Ukraine Sustainability and Energy Security (URES) programme.
This includes technical cooperation, ODA grants, and trade and investment facilitation in areas such as small modular nuclear power plants, green hydrogen and other renewable gases, solar micro/mini-grids, solar systems for small households, energy efficiency, onshore and offshore wind energy, the development of the carbon market and others.
In the near future, according to the URES Programme, the Ukrainian energy industry will be provided with resources to repair damaged infrastructure and restore consumers' connections to electricity, gas and heat.
Background: As part of the London conference, French Foreign Minister Catherine Colonna announced that Paris would allocate an additional 40 million euros in non-repayable financial aid to Ukraine for urgent reconstruction this year and is also preparing a multi-year aid plan for civilian needs.
US Secretary of State Anthony Blinken announced in London that the US would allocate US$1.3 billion in financial aid to Ukraine, which will be aimed at energy and infrastructure needs.
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