A week after the signing of an energy partnership memorandum between the Ministry of Energy of Ukraine and the UK Foreign, Commonwealth & Development Office at the Ukraine Recovery Conference in London, the first projects are being implemented.

In particular, the InnovateUkraine Green Innovation Fund was presented online. Its creation is foreseen in the agreements signed by Minister of Energy of Ukraine German Galushchenko and Parliamentary Under Secretary of State for Europe at the UK Foreign, Commonwealth & Development Office Leo Docherty.

The Innovate Ukraine Fund will provide grants to help businesses develop highly innovative, sustainable energy technologies and business models that can support the restoration of Ukraine’s energy system.

Yaroslav Demchenkov, Deputy Minister of Energy of Ukraine, addressed the participants of the presentation. He emphasised the importance of a green transition by countries that would meet not only the goals of climate neutrality but also international energy security.

“We must accelerate the innovations needed to rebuild Ukraine’s energy system. These innovations should contribute to Ukraine’s energy security and the country’s clean transition away from hydrocarbons. We have the necessary conditions to set up plants in Ukraine to produce equipment for the ecological transition, from environmentally friendly steel production to wind farms, from solar panels to energy storage,” said Yaroslav Demchenkov, thanking the British side for creating the InnovateUkraine Fund, which would help achieve the relevant goals.

The main objective of the Fund is to strengthen energy security. The total amount is GBP 62 million.

The initial contribution will be GBP 10 million, and the rest will be disbursed in instalments until 2025.

The funds will be used for energy innovation projects that will accelerate the reconstruction and restoration of Ukraine’s energy infrastructure.

The competition for grants is open to businesses from the UK and other countries. The deadline for applications is 15 September.