EBRD, EU and GEF promote climate change mitigation in Ukraine

Ukraine has become the newest member of the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme designed to transfer technology in the area of climate change mitigation and adaptation.

It is currently successfully in operation in 14 countries where the EBRD invests. The three-year programme is supported by USD$7 million grant funding from the Global Environment Facility (GEF) and a €4 million grant from the EU’s Neighbourhood Investment Facility (NIF).

FINTECC will help Ukrainian businesses invest in the best available technologies, which will lead to the reduction in greenhouse gas emissions.

These may include energy, materials and water efficiency technologies as well as renewable energy technologies not yet available or rare in Ukraine.

FINTECC resources will be available to the existing local clients of the Bank planning to introduce modern climate technologies. Under the programme, individual companies may receive grant funding covering up to 25 per cent of the cost for a new technology and capped at US$ 1 million.

As a result, companies are expected to become more resource efficient and should significantly reduce their energy-related costs.

Terry McCallion, Director of the EBRD’s Energy Efficiency and Climate Change team, said: “There is an increasing demand in Ukraine for cost-effective energy efficiency solutions. We designed FINTECC to accelerate the deployment of advanced resource efficiency technologies like water management, high efficiency biomass boilers, waste and waste water treatment and many others and to support the development of their supply. With FINTECC we are hoping to help a range of businesses in Ukraine to achieve cost and environmental savings through the installation of the right technologies.”

Grants available under FINTECC will help understand technical and financial feasibility of implementing climate technologies and help conduct necessary research, certification, testing and registering of modern energy efficient solutions in Ukraine.

They will also provide policy support to the Ukrainian government, especially in adopting elements of the EU Eco-Design Directive.

The EBRD is the largest international financial investor in Ukraine. As of 1 January 2016, the Bank had a total cumulative commitment of approximately €12 billion in 355 projects throughout the country.