On April 21 the
EU-funded programme INOGATE
summarized its Energy Policy Talks with the fifth and final meeting in Kyiv. Major players in the energy
field discussed the latest key
recommendations for policy changes needed to overcome political, legal,
regulatory, technical barriers and take advantage of Ukraine’s renewable energy
potential. This policy talk aimed at discussing the way to attract private sector investments in renewable energy in
Ukraine. As a result of this policy talk it is foreseen that renewed
commitments will be taken by the relevant national authorities to ensure a
clear roadmap and policy framework for renewables to reach 11% share in the total energy consumption by 2020.
Ukraine has a
significant renewable energy potential which can be exploited to create jobs,
improve the trade balance and drive economic activity. It is a critical time for
the country now as dependence on energy imports is increasing and energy infrastructure
is aging. Attracting investments to renewable energy projects will make a real
contribution to the existing policy goals of reducing the dependency on
imported natural gas and diversifying the energy supply.
According to the recent study prepared by INOGATE, in
2015, the world saw the largest ever investments in the renewable energy sector
at over 280 billion USD – mostly from developing countries. But in Ukraine
renewable investments have almost come to a stand-still. It is time to realise
the important contribution that renewable energy can bring to Ukraine’s economy
and energy security. It is time to put the right policy mix in place to
stimulate these investments.
The Ukrainian Government
has adopted the National Renewable Energy Action which has a goal to increase
the share of renewables in the total energy consumption to at least 11% by 2020.
In 2015, this share was approximately 4% for renewables. It is estimated that
this 11% target will require EUR 16 billion in renewable energy
investments: EUR 8.9 billion for power
generation, EUR 6.7 billion for heating and cooling and EUR 0.56 billion for
Policy Talk provided a set of insights
and prioritized recommendations for increasing private sector investment in
Ukraine’s RES sector. These recommendations are addressing project developers,
investors, project initiators in Ukraine and European Commission. The key recommendations and other materials can be found at this link.