At the Ukraine Recovery Conference in Berlin, the International Renewable Energy Agency (IRENA) and the Energy Community Secretariat (ECS) announced a collaborative initiative aimed at accelerating the development of sustainable energy in Ukraine. The two organizations signed a Letter of Intent to leverage their combined expertise and resources to support Ukraine’s renewable energy projects.
Ukraine, a member of IRENA since 2018, has sought assistance from the agency and its member countries to rebuild its renewable energy infrastructure, significantly damaged in recent conflicts. IRENA has already been active in supporting Ukraine’s energy sector through capacity-building sessions and training developers on utilizing IRENA’s Energy Transition Accelerator Financing Platform (ETAF).
The Letter of Intent outlines plans for IRENA to utilize its renewable energy technology expertise and explore project proposals under the Ukraine Energy Support Fund for potential funding by ETAF partners. This fund, established through a collaboration between the European Commission and Ukraine’s Ministry of Energy in April 2022, is managed by the Energy Community Secretariat and has raised nearly 500 million euros from various donors.
IRENA’s Director-General Francesco La Camera emphasized the importance of this partnership, stating, “This cooperation enables us to apply our resources and expertise where they are most needed, accelerating the transition to sustainable energy in Ukraine. Our goal is to support the rapid reconstruction and buildout of a Ukrainian energy system, with a strong role for renewable energy, that provides reliable and low carbon energy for the citizens and businesses of Ukraine.”
Through ETAF and Climate Investment (CIP) platforms, IRENA has established a network of financiers, including multilateral development banks, development finance institutions, and commercial banks, eager to invest in energy transition projects in its member countries, including Ukraine. This cooperation aims to facilitate and de-risk investments in Ukraine’s renewable energy sector, promoting green capital mobilization.
The collaboration between IRENA and ECS was also acknowledged by the G7+ Energy Coordination Group at the conference for its potential to attract investment and support the development of renewable energy projects in Ukraine, further strengthening the country’s energy security and sustainability efforts.
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- Source: https://solarquarter.com/2024/07/01/irena-and-ecs-announce-partnership-to-boost-renewable-energy-in-ukraine/