Business news from Ukraine

UKRAINIAN CLIMATE FUND MAY BE LAUNCHED IN 2 YEARS

The Ukrainian Climate Fund, which is currently being developed by the Ministry of Ecology and Natural Resource, may be launched early 2023, Minister of Ecology and Natural Resources of Ukraine Roman Abramovsky has told the Green Deal portal.
“In any case, this fund can be launched at the beginning of 2023, because any budget documents involving changes in the receipts and expenditure are submitted before July 1,” the minister said.
At the same time, he said that there is still a lot of work to be done on the design and modeling of the Ukrainian Climate Fund, as well as in the adoption of a bill that will approve this fund.
“Nevertheless, I believe that this is objectively possible. One of the main tasks at this stage is to enlist the support of international financial institutions that can be investors within the fund and multiply the effect of the income from environmental taxes. There is no other way!” he said.
According to him, the ministry is negotiating with the European Bank for Reconstruction and Development and the World Bank.
The minister also said that at the time of launch, the fund will have about UAH 8 billion of its own funds received from the proceeds from the tax on CO2 emissions and other environmental taxes.