World Bank to assist Ukraine in setting up efficient climate fund

The World Bank will assist Ukraine in setting up an efficient climate fund that will co-finance decarbonization and modernization programs through transparent procedures.

As the Ministry of Ecology and Natural Resources of Ukraine reports, the agreement was reached during an online meeting between Minister of Ecology and Natural Resources of Ukraine Roman Abramovsky, Arup Banerji, the World Bank Regional Country Director for Eastern Europe (Belarus, Moldova, and Ukraine), Kseniya Lvovsky, the World Bank Practice Manager for Environment, Natural Resources, and Blue Economy in Europe and Central Asia, and Baher El-Hifnawi, Program Leader for World Bank's Infrastructure and Sustainable Development programs in Ukraine, Belarus, and Moldova.

"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 setting up an efficient climate fund. It is a new financial institution that will co-finance the decarbonization and modernization programs 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 optimal algorithms of operation of such funds," Abramovsky said.

The minister informed the World Bank members about 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.

"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 performing is extremely important. Today we have efficient and promising cooperation and plan to launch new projects, provide expert assistance in the legislative process," said Kseniya Lvovsky.

According to her, there can be many areas of cooperation, "but now the priority areas in which we can share experience are climate finance, forestry, waste management, industrial waste pollution prevention, and biodiversity development."

Following the meeting, the parties agreed to cooperate 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 the economic development of countries. Ukraine has become one of the 25 key countries for which such a report will be prepared. It was also agreed to draft a partnership strategy between Ukraine and the World Bank, which will consist of short- and long-term projects on climate policy, forestry reform, waste management, development of nature reserves, and biodiversity conservation for the next five years.

The creation of the Ukrainian climate fund, conduct of technical discussions on a number of bills, continued joint analytical and legislative work, development and implementation of large-scale institutional forestry reform were also arranged for.