Ukraine needs more than EUR 100B to reduce emissions to 35% - Shmyhal

Ukraine will need more than EUR 100 billion in capital investment over the next ten years to reduce emissions to 35% of 1990 levels, Ukrainian Prime Minister Denys Shmyhal has said.

He said this at the Ukrainian Energy Forum in Kyiv on Wednesday, according to an Ukrinform correspondent.

"We have been actively involved in the formation of the Ukrainian green course, which we want to synchronize with the European Green Deal, and we are making a lot of efforts to do so. This is a really ambitious goal, which includes restructuring the economic model and attracting large-scale investments to modernize our energy. To reduce emissions to 35% of 1990 levels, the Ministry of Environmental Protection and Natural Resources estimates that we will need more than EUR 100 billion in capital investment over the next ten years. This is a really large ambitious amount. This is an ambitious goal, so we are working very closely with energy companies and the industry," Shmyhal said.

He recalled that Ukraine had certain obligations to reduce emissions of pollutants, especially heat generation.

"The relevant re-equipment will cost more than EUR 4 billion, according to the calculations of the ministry. Given that thermal generation provides the necessary maneuvering capacity for the power system, this is a challenge that we are strategically addressing at the state level," Shmyhal said.

He said that the development of the gas market, synchronization with the European energy system and the development of the gas market were also one of the tasks for the government.

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