The Cabinet of Ministers approved the procedure for using the state decarbonization fund

The Cabinet of Ministers has approved the procedure for using the funds of the State Fund for Decarbonization and Energy Efficient Transformation. This was announced by the government’s representative in the Parliament Taras Melnychuk.

According to the report, the budgetary funds accumulated in the fund are allocated in several areas, including

• financial support for measures and state targeted programs in the field of energy efficiency, increasing the use of renewable energy sources and alternative fuels and reducing carbon emissions;
• financial support for compensation, reimbursement, and reduction of obligations of individuals and legal entities under loan agreements concluded for the implementation of energy efficiency measures, introduction of energy services, increased use of renewable energy sources and alternative fuels, and reduction of carbon emissions;
• fulfillment of debt obligations on borrowings received by the state for the implementation of investment projects in the field of energy efficiency, increasing the use of renewable energy sources and alternative fuels and reducing CO2 emissions.

According to the Prime Minister Denys Shmyhal, this is an additional program for energy efficiency and strengthening the resilience of Ukraine’s energy system worth UAH 759 million.

The Verkhovna Rada supported the creation of the state fund for decarbonization and energy efficiency transformation in April last year.

As GMK Center reported earlier, European countries have announced €10.5 billion to decarbonize the steel industry in 2023-2024. Germany will allocate up to 70% of the total funds (€7 billion).