Ukraine expects funding from global carbon reduction fund – Shmyhal

Ukraine expects to obtain funding for renewable energy projects from the global carbon reduction support fund after its formation.

Prime Minister Denys Shmyhal stated this during the VII Kyiv International Economic Forum, Ukrinform reports.

According to Shmyhal, significant funds will be allocated to the global fund to support carbon reductions. For example, the United States estimates the required amount at trillions of dollars.

"There will be both hydrogen production and alternative technologies for electricity generation. I hope Glasgow will have a global decision on how the world will move in reducing carbon emissions, and we'll understand what partnership and financial proposals will be made for the participants in the Paris Agreement," the Prime Minister commented.

He expects that over time, such technologies will become more accessible to consumers every year due to lower prices.

Earlier, in November, the EU and the US announced the launch of a joint initiative to reduce methane emissions on the planet at a climate summit in Glasgow, Scotland.

In particular, the parties have committed to reduce global methane emissions by at least 30% of 2020 by 2030 and to move towards using the best available methods for quantifying methane emissions.

Meeting these commitments is expected to reduce warming by at least 0.2 degrees Celsius by 2050 on average on the planet.