Svitlana Grynchuk: Ukraine creates conditions for sustainable subsoil use and is open to investments

Ukraine creates conditions for sustainable subsoil use and is open to investments. This was stated by Svitlana Grynchuk, Minister of Environmental Protection and Natural Resources of Ukraine, during the panel “Critical Raw Materials” at the preparatory event “On the Road to URC 2025” for the Business Dimension of the Ukraine Recovery Conference in Italy.

On the sidelines of the conference, together with representatives of Ukrainian and Italian companies and business associations, she discussed the implementation of sustainable technologies in the extractive industry. Italian companies shared their experience in developing the industry.

“During the conversation, I emphasised that Ukraine is actively studying international experience in applying early environmental impact assessment in the extractive sector. This approach is promising for us and will allow us to implement projects more efficiently,” said Svitlana Grynchuk.

The panelists also discussed the implementation of ESG principles in the Ukrainian business environment and the subsoil use reform, which Ukraine continues to implement even in the midst of war, gradually introducing sustainable standards and European integration requirements in the sector:

• Domestic legislation was harmonised with European standards. Transparent licensing mechanisms have been ensured and electronic auctions have been introduced.
• The National Programme for the Development of Ukraine’s Mineral Resources until 2030 was updated, taking into account the best international practices. A gradual resumption of funding for geological exploration was envisaged, especially for deposits of strategic importance.
• Geological information is being digitised and subsoil users have already switched to a digital format of interaction with the state. As part of the implementation of the Roadmap to the Memorandum of Strategic Partnership with the EU in the field of raw materials, together with the EBRD, at least 50% of the non-digitised stock is planned to be digitised this year. This is also about preparing high-quality materials for potential investors.
• Significant progress has been made in transferring reserves and resources from the old soviet system of calculation to the system provided for by the UN Framework Convention on Mineral Reserves and Resources (UNFC).

“We understand that the extractive industry will play a key role in Ukraine’s post-war recovery, so our primary task is to create not only comfortable investment conditions, but also to outline clear rules for the industry to operate using environmentally friendly technologies,” said Svitlana Grynchuk.

The Government is currently finalising the regulatory framework that will contribute to the investment attractiveness of the sector. Our goal is to be a full partner in creating new supply and processing chains for the “minerals” of the future for high-tech industries and for the green transition. To launch sustainable projects with the appropriate infrastructure for processing and creating value-added products here, in Ukraine.

“Ukraine is interested not only in investments in geological exploration, production and processing, but also in the development of the industry based exclusively on sustainable principles,” the Minister stressed.