EU expresses readiness to finance Energy Efficiency Fund - an agreement of Prime Minister of Ukraine and Vice-President of the European Commission

The European Union pledges readiness to provide funding for the established Energy Efficiency Fund of Ukraine as one of the key instruments to promote energy conservation, energy modernization and energy independence, and expects it to become a reliable platform for attracting investors. This was agreed upon by Prime Minister of Ukraine Volodymyr Groysman and Vice-President of the European Commission for Energy Union Maroš Šefčovič during a meeting.

"We are planning to grant 100 million euros (for the Energy Efficiency Fund) during two years, but our essential objective is to create a platform that would have high confidence of foreign partners", said Maroš Šefčovič.

In turn, Prime Minister of Ukraine Volodymyr Groysman stressed that the Government of Ukraine deeply appreciates the European Commission's support for the Fund. "We are interested in obtaining a targeted financial assistance from the EU, in particular, for energy efficiency projects. It really should be an efficient platform, which we will fill with resource", the Head of Government said.

In this context, he stressed that the launch of the Energy Efficiency Fund would be conducted in close coordination with the state subsidy programs and monetization programs.

During the negotiations, the parties discussed the progress of reforms in Ukraine, primarily in the energy sector and in reforming state energy companies. The Head of Government informed that the Government had approved the Energy Strategy of Ukraine for the period up to 2035 designed to ensure the formation of the gas market, unbundling of NJSC Naftogaz of Ukraine, and to promote diversification of energy sources and ways of delivery, etc.

The interlocutors also considered the tools to intensify trade relations between Ukraine and the European Union.

"Every time we meet, we have an opportunity to congratulate your Government on success in reform process. We can enhance such cooperation", said Maroš Šefčovič.

During the talks, the parties agreed to continue the dialogue on energy cooperation during the meeting of the Association Council scheduled for December this year in Brussels.