The UN Global Compact Network Ukraine announces the formation of the Ukraine Energy Initiative – a cross-sector global coalition tasked with accelerating the recovery of Ukraine’s energy sector.
The Ukraine Energy Initiative aims to coordinate all stakeholders wishing to assist in the revitalisation and long-term transformation of the sector. The initiative brings together willing partners – from supply chain vendors to investors – to establish links between international partners and local counterparts, build Ukraine’s sustainable energy industry, offer expertise and accelerate the deployment of capital.
The initiative also seeks to support Ukraine in building a green and modern energy system that can act as a reliable and secure energy partner to Europe and, increasingly, a hub for green energy to the continent.
Restoring and revitalising Ukraine’s war-shattered energy infrastructure will require a major international effort. The World Bank estimates $5.7 billion will be required for short-term reconstruction and up to $47 billion for the complete restoration between now and 2033. Major Ukrainian energy companies Naftogaz, Ukrenergo and DTEK Group are the initial founding members of the Initiative.
Welcoming the creation of the Ukraine Energy Initiative, Tetiana Sakharuk, Executive Director of the UN Global Compact Network Ukraine said in London at the start of the Ukraine Recovery Conference, where the Initiative was launched:
“Ukraine’s energy sector must be an engine for its economic recovery and the country’s modernization. However, our energy infrastructure remains severely damaged and Russia’s campaign against civilian infrastructure continues unabated. This sector urgently requires immediate and intensive steps to rebuild in order to ensure that Ukraine both survives and thrives. The scale and complexity of the challenge for Ukraine’s energy sector means that the support of local and international stakeholders will significantly accelerate its successful recovery”.
International partners will work between now and next year’s Ukraine Recovery Conference in Germany to launch new business-to-business initiatives to build and grow private-sector partnerships with Ukraine.
The Initiative forms part of the Ukraine Business Compact – an initiative between the UK and Ukrainian governments to provide international businesses with a platform to channel support for Ukraine’s recovery.
Companies and organisations wishing to join the Initiative should visit www.ukraineenergyinitiative.com for more details.