On 11 and 12 June 2024, the team of the Energy Act for Ukraine Foundation attended the Ukraine Recovery Conference 2024 (URC2024) in Berlin. At the conference, more than 2000 representatives from 60 countries focused their efforts on the short- and long-term recovery of Ukraine.
During the conference, our team signed a new cooperation agreement with the Ukrainian World Congress (UWC), which will allow four more schools in Ukraine to become energy independent by installing solar panels.
Key takeaways from the conference
Numerous initiatives and support programmes for Ukraine's recovery were announced during the conference. The European Bank for Reconstruction and Development (EBRD) has allocated €300 million in emergency support to the energy sector to address the energy crisis caused by the shelling of energy infrastructure. The EBRD has also committed €517 million to support Ukraine's economy and €60 million for new biofuel projects and renewable energy investments, underlining the importance of sustainable development. Additionally, €70 million in local currency loans and risk-sharing arrangements with Ukrainian banks will be used to support small and medium-sized enterprises (SMEs).
International assistance also includes €1.4 billion in guarantee and grant agreements under the Ukraine Financing Facility, as well as a €7 billion SME Resilience Alliance to support the resilience and growth of Ukrainian businesses. A €700 million retraining programme, the Skills Alliance, has been allocated to help tackle structural unemployment and support workforce development in Ukraine. In addition, the European Union will provide €350 million in guarantees and €17.5 million in technical assistance through the IFC (International Finance Corporation) to accelerate investment in renewable energy sources.
The G7 leaders announced up to $50 billion in aid to Ukraine through the Emergency Revenue Assistance (ERA) mechanism, secured by interest from frozen Russian assets. The funds will be used for Ukraine's military, budgetary and reconstruction needs. And the G7+ Energy Coordination Group and the Government of Ukraine announced that they will strengthen and accelerate efforts to mobilise aid, including decentralised solutions and equipment for electricity generation. They also announced the launch of a Green Transition Office to support the Ministry of Economy in implementing the National Energy and Climate Plan (NECP), which will help increase private investment in Ukraine's green and sustainable recovery.
The United Nations Environment Programme (UNEP), the United Nations Economic Commission for Europe (UNECE) and the Organisation for Economic Cooperation and Development (OECD) have announced the launch of the Green Recovery Platform for Ukraine. The initiative aims to address urgent environmental needs and support policy and legal reforms for Ukraine's sustainable recovery. The platform will provide a forum for Ukrainian and international partners to define the importance of green recovery for Ukraine, taking into account Ukraine's status as an EU candidate. I will support actions to prioritise and accelerate reforms of policies and legislation, practices and institutions, and mobilise the commitment and engagement of the whole of government to green Ukraine's post-war recovery and reconstruction. The platform will also contribute to the development of financial instruments that can help implement the Green Recovery Strategy.
A total of 110 international agreements were signed during the conference, underscoring the scale and significance of the international community's support for Ukraine's recovery.
This event demonstrates the important steps and efforts being made to support Ukraine's recovery, as well as the role of the Energy Act for Ukraine Foundation in this process. As we deepen our cooperation with the Ukrainian World Congress, we will be able to make an even greater contribution to Ukraine's energy independence and sustainable development.
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