NEFCO/Support to energy efficiency, renewable energy and alternative type of energy sources in Ukraine, Finland's Trust Fund
Development cooperation , 24.10.2017

NEFCO/Support to energy efficiency, renewable energy and alternative type of energy sources in Ukraine, Finland's Trust Fund

Description

Finland will establish at Nordic Environment Finance Corporation (NEFCO) a bilateral Trust Fund (TF) to support energy efficiency as well as use of renewable energy and alternative types of energy sources in Ukraine. The need for TF is justified by the fact that Ukraine needs support to increase its energy efficiency since Ukraine's energy sector is 3-times more energy intensive compared with the OECD member states average. Ukraine faces also difficulties in making energy sector reforms, and many projects of the international finance banks are proceeding slowly. A Memorandum of Understanding in the fields of energy efficiency, renewable energy and alternative type of energy sources was signed between Finland and Ukraine in 2017. The purpose of NEFCO TF is to help Ukraine to improve its energy efficiency policies and guidance. In addition, new technology will be introduced. The aim is also to enhance partnerships and projects with private sector and/or international financiers. Ukraine will be assisted in creation of national funding instrument for renewable energy. Main partner organization in Ukraine is State Agency on Energy Efficiency and Energy Saving (SAEE). Finnish funding for the TF is 6 million euro for 2018-21. Procurements are tied to Finnish consultants.

Funding decision  24.10.2017

6 000 000 €

Target country

Ukraine

Objectives monitored by OECD's Development Assistance Committee

  • Climate change - mitigation

Field of activity

  • Energy policy and administrative management 33%
  • Energy generation, renewable sources – multiple technologies 33%
  • Energy conservation and demand-side efficiency 34%

Type of aid

Contributions to specific-purpose programmes and funds managed by international organisations (multilateral, INGO)

Funding channel

Nordic Environment Finance Corporation

Contact

itä-20

Code for the object of funding

86501358

ID

UHA2017-004452

Modified

10.11.2017