Going Green!

Our legal advice from firm Everlegal this month explains the ins and outs of the solar power boom underway in Ukraine, but this is only a part of the story of Ukraine’s nascent green revolution. The recent gas spat with Russia has (once again) proven how unreliable our friends to the north are when it comes to energy supply, and continue to demonstrate not just to Ukraine – but also to Europe – how important energy diversification is.
While we know we must move away from hydrocarbons to help heal the planet (yes, climate change is real) and Ukraine is making strides in generating more power from renewable sources, that’s only part of the story. Prime Minister Groysman recently announced that Ukraine should aim to cut gas consumption by 1/3 in the coming years, and one of the ways the country can achieve this is by improving energy efficiency.
Putting their money where their mouth is, 400,000 households received “warm loans” from the government to help meet costs for installing insulation, fitting modern windows, and installing more efficient boilers in the last year. It’s just scratching the surface so far, but certainly a step in the right direction!
In further good news on this topic, it was also recently announced that the European Bank for Reconstruction and Development, a key supporter of reforms in Ukraine, has just signed a deal to finance a new solar plant in Vinnytsia to the tune of €29.5 million. Now all we need is for the sun to start making regular appearances, and we’re golden. Literally.