Ukraine's participation in IRENA is an opportunity to introduce effective mechanisms for financing green projects in accordance with the world's best practices

Parliamentarians, government officials, representatives of financial institutions and business persons from around the world, including Ukraine, tackled ways to boost investment in renewable energy sector in the course of the Ministerial Roundtable held in the framework of the Eighth Assembly of the International Renewable Energy Agency (IRENA) on January 13 in Abu Dhabi, UAE.

IRENA experts have commended drastic changes in the financing of energy projects in the world over the last few years.They also placed a special emphasis on 2016 year, when investment in new power of clean energy significantly exceeded investment in traditional energy sources. One third of all attracted funding was obtained by China. Moreover, green investments have also increased in the US and European countries.

Participants of the round table stressed favorable state policy and legislative incentives are the basis for attracting investors and business in the green energy sector. The said initiatives encapsulate green tariffs, and auctions for the purchase of clean electricity and other tools.

In turn, representatives of the Ukrainian delegation presented a policy of development of the domestic renewable energy market, focusing on the latest adopted legislative incentives.

Sergiy Savchuk, Chairman of State Agency on Energy Efficiency and Energy Saving of Ukraine, recalled joining the IRENA will allow Ukraine to submit applications to the Abu Dhabi Fund for Development for receiving preferential loans for green projects.

It is noteworthy, best practices of the the work of IRENA designed to stimulate the implementation of green projects were presented at the said event. Important developments are the following online tools: IRENA's Global Atlas (https://irena.masdar.ac.ae/gallery/#gallery) demonstrating the potential of renewable energy development worldwide and  Project Navigator (https://navigator.irena.org/index.html) is an online guide for developing green projects.