The World Bank will help Ukraine create an effective climate fund. This was agreed by the Minister of Eсology and Natural Resources Roman Abramovsky during an online meeting with the World Bank Regional Country Director for Eastern Europe (Belarus, Moldova and Ukraine) Arup Banerji, World Bank Practice Manager for Environment, Natural Resources and Blue Economy for Europe and Central Asia by Kseniya Lvovsky and World Bank Program Leader for Infrastructure and Sustainable Development in Belarus, Moldova and Ukraine Baher El-Hifnawi.

"The World Bank is a reliable partner of the Ministry of Ecology and Natural Resources in a number of projects, and we hope for their successful continuation and expansion, especially in creating an effective climate fund. It is a new financial institution that will co-finance the decarbonization and modernization program through transparent procedures. It is very important for us to get such a reliable partner in the development of climate finance, which accumulates the experience of world countries in creating and optimal algorithms of work of such funds," said Roman Abramovskyy.

The Minister briefed the World Bank members on the steps already taken by the Ministry in the context of the main priorities related to climate change - climate policy, forest development, waste management and nature reserves.

First Deputy Minister of Ecology and Natural Resources of Ukraine Bohdan Borukhovsky told about the reform of the forest sector and the latest important decisions in this area.

What has been achieved?

• forest inventory was launched;
• 100% sale of business timber through open auctions was introduced;
• bill № 5650 on the preservation of self-seeding forests was adopted in the first reading;
• a draft law on attracting investments in afforestation is being developed;
• a resolution was adopted to limit continuous logging in the Carpathians;
• a forest management strategy until 2035 has been developed and is being approved.

And this is only part of a major reform that involves changing the forest management system.

"The World Bank welcomes Ukraine's success in climate policy and the implementation of sustainable forest management. We are pleased to state that the agenda that Ukraine is currently pursuing is extremely important. Today we have effective and promising cooperation and plan to launch new projects, assist in the legislative process with expert assistance," said Kseniya Lvovsky.

She noted that it is essential for the World Bank to ensure that changes and reforms in the field of environmental protection are taking place. Then they will provide technical and advisory assistance, credit funds.

According to her, there can be many areas of cooperation. But now the priorities where we can share experiences are climate finance, forestry, waste management, industrial pollution prevention and biodiversity development.

Results of the meeting - cooperation agreements:

• in the preparation of an analytical report on climate goals and economic development. This document will be a thorough study of the effect of the implementation of climate protection measures to ensure economic development of countries. Ukraine has become one of the 25 key countries for which such a report will be prepared;
• in preparing a partnership strategy between Ukraine and the World Bank, which will consist of short- and long-term projects for the next 5 years. It is important for us that the priority areas of Ukraine's environmental agenda are reflected in this document. First of all, it is climate policy, forest reform, waste management, development of nature reserves and biodiversity conservation;
• in the creation of the Ukrainian Climate Fund;
• in conducting technical discussions on a number of bills and continuing joint analytical and legislative work;
• in the development and implementation of large-scale institutional reform of forestry.