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IFC & Ukraine Partner to Boost Energy Efficiency in Residential Sector

Power News - Published on Fri, 12 Jul 2019

Image Source: The Jakarta Post
IFC, a member of the World Bank Group, and Ukraine’s state run Energy Efficiency Fund are partnering to improve the energy efficiency of residential buildings and help families save on utility costs. The organizations signed an agreement today that will help channel up to USD 235 million in grants and loans over the next four years to Ukrainians who want to make their homes more energy efficient. According to official statistics, about 50% of residential heating gases in Ukraine are lost annually. Energy efficiency is also considered a key part of the government’s efforts to combat climate change.

Some 6,000 homeowners’ associations are expected to participate in the program, which will be financed by the newly formed Energy Effiency Fund and the EUR 100 million Multi-Donor Trust Fund. Managed by IFC and supported by the European Union and Germany, the trust fund is designed to help Ukraine reduce its reliance on imported gas while also reducing state subsidies for energy consumption by citizens.

Mr Hennadiy Zubko, Ukraine’s Vice Prime Minister and Minister of Regional Development, Building, and Housing said that “Today’s signing is another significant step in our efforts to promote energy efficiency. Over 80 percent of Ukraine’s multi-family houses require energy-efficient modernization, and the Energy Efficiency Fund will work with homeowners’ associations to help with these renovations. IFC’s support to the fund will help ensure the program is managed to the highest standards and delivers on its goals.”

Yuliia Holovatiuk-Ungureanu, CEO of the Energy Efficiency Fund, said that “We believe the fund will become a national success story. Cooperation with IFC and the donors will allow Ukraine to increase its energy efficiency and reduce carbon dioxide emissions, helping the country comply with its international obligations.”

Rolf Behrndt, IFC Practice Manager, World Bank Group Finance and Markets Global Practice, said that “The Energy Efficiency Fund is an innovative tool that will help create a new market for energy efficiency in Ukraine. Partial grants for energy-efficient renovations of residential buildings will encourage residents to invest in such improvements, allowing families to save money on heating while improving comfort.”

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Posted By : Amom Remju on Fri, 12 Jul 2019
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