The Ukrainian Ministry of Energy, together with the State Agency for Energy Efficiency and the Ukrainian-Danish Energy Centre, have proposed to use revenues from the tax on CO2 emissions, which reach about UAH900m/year (US$33m/year), to fund energy efficiency measures. The draft law provides for the creation of an energy-efficient modernization fund to finance energy efficiency of enterprises. The fund will accumulate revenues from the CO2 emissions tax, which currently go to the general fund of the state budget every year and provide enterprises with compensation for part of the loans for the purchase of energy-efficient equipment.
Ukraine approved a draft National Energy Efficiency Action Plan (NEEAP) in 2015; it aims to achieve a 9% decrease in final energy consumption by 2020 (6.5 Mtoe), compared to the average final consumption for the period 2005-2009. Of the total savings, 50% should be achieved in the residential sector, 25% in industry, 16% in the services sector and 9% in transport. In June 2020, the European Investment Bank (EIB) and the government of Ukraine signed an agreement to prepare the country’s Public Buildings Energy Efficiency project, which is expected to be financed by a €300m EIB loan. The project will increase energy efficiency in 1,000 buildings (mainly kindergartens, hospitals and schools), save more than 1 Mt of CO2 and benefit 2.5 million people.