16.06.23 / Renewables / Press Release

Ukraine's renewables potential is the key to future energy security

On June 20th, on the eve of the Ukraine Recovery Conference, London is set to witness the premiere of Razom We Stand's groundbreaking report "Investing in Ukraine's Renewable Energy: The Key to Future Energy Security", that will be presented at a high-level event, organized in collaboration with the London Chamber of Commerce and Industry.

Download the report / Завантажити доповідь

The report encompasses the following main aspects: Ukraine's renewable energy potential and its crucial role in post-war reconstruction, with specific  examinations for biomethane, solar generation, wind generation; legislative initiatives driving renewable energy in Ukraine; challenges hindering renewable energy development and the transformation of Ukraine's energy system before the russian military invasion;  losses in the energy sector and shifts in energy consumption caused by the invasion. Furthermore, it addresses the imperative of localizing renewable energy equipment production within Ukraine.

"The primary objective of this publication is to furnish international investors, financial institutions, and insurance companies with a comprehensive and easily accessible overview of Ukraine's energy system, as well as the prospects for investing in renewable energy. It is essential to highlight that Ukraine aspires to increase the renewable energy share to one-third of the overall energy mix by 2030, necessitating the construction of 10 GW of new capacities and a minimum investment of $10 billion. We are committed to fostering a collaborative environment for achieving this goal and working closely with policymakers to develop viable solutions. We extend our heartfelt gratitude to the business associations in Ukraine's renewable energy sector and the dedicated scientists who have contributed to this publication. Moving forward, we plan to supplement this report with further research," stated Olha Yevstihnieieva, Advocacy Manager for Green Recovery at Razom We Stand.

The editors at Razom We Stand extend their heartfelt gratitude to the esteemed partners who have played a crucial role in the preparation of this publication, namely the Ukrainian Wind Energy Association, Solar Energy Association of Ukraine, Bioenergy Association of Ukraine, Global 100% RE Ukraine, Institute of Renewable Energy of the National Academy of Sciences of Ukraine, Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine, and the British think tank, Amber.

"In the context of Ukraine, investments in clean energy sources hold utmost significance. With their low costs, rapid construction, and immunity to numerous risks associated with fossil fuel usage, solar and wind energy emerge as vital factors in bolstering both the stability of Ukraine's current energy supply and laying the foundation for its energy system's recovery. It is crucial for these projects to be backed by international financing, especially amidst the ongoing war," emphasizes Malgorzata Wiatros-Motyka, Senior Electricity Analyst at Ember and author of the foreword for this publication.

"Ukraine possesses the remarkable potential to generate 30% of Europe's biomethane and enjoys highly favorable conditions for the advancement of solar and wind energy. Presently, Ukraine stands as a bulwark defending Europe and the world against russian fossil fueled aggression. Tomorrow, with steadfast international support, we can forge a foundation of authentic energy security in Europe—one built upon renewable energy sources, energy efficiency, and regional collaboration. To realize the vision of the European Green Deal and propel Europe towards becoming the first carbon-neutral continent, it is imperative that we unite our efforts," asserts Oleh Savytskyi, Campaign Manager at Razom We Stand.

About the event "Strategic Deployment of Renewable Energy in Ukraine: Investing in Energy Security":

On June 20th, Razom We Stand is organizing a high-level event in London, designed to showcase Ukraine's vast renewable energy potential leading up to the highly anticipated Ukraine Recovery Conference 2023. The primary objective of this event is twofold: to emphasize the pivotal role of transitioning to renewable energy and fostering energy efficiency in Ukraine's sustainable green economic recovery, while simultaneously bolstering Europe's energy security; and to unlock the immense investment opportunities associated with this transition.

The event will comprise two enlightening panel discussions, featuring esteemed government officials, business representatives, and a distinguished lineup of Ukrainian and international experts. Noteworthy speakers include Andrii Zhupanin, the author of the draft law 9011-D "On Amendments to Certain Laws of Ukraine on Restoration and Green Transformation of the Energy System of Ukraine," as well as Anna Zamazieieva, the Head of the State Agency on Energy Efficiency and Energy Saving of Ukraine. Additionally, the event will be graced by the presence of esteemed representatives from the European Bank for Reconstruction and Development, the International Energy Agency, and the Energy Community Secretariat. Prominent business associations and renowned think tanks, including Ember and Carbon Tracker, will also contribute their expertise. The detailed program can be found here. Please register to participate in the event online and have the opportunity to pose questions to the speakers.

The event is supported by the esteemed London Chamber of Commerce and Industry.