COP29/Ukraine: An Economic and Climate Miracle

At the United Nations Climate Conference (COP29), Ukraine presented its vision for a green transformation, supported by ambitious plans and concrete actions, during the discussion "How to Create an Economic and Climate Miracle in Ukraine." In June 2024, the Ukrainian government approved the National Energy and Climate Plan (NECP)—the first-ever document integrating energy and climate policies. The plan focuses on decarbonization, increasing the share of renewable energy, enhancing energy efficiency, and promoting innovation in the energy sector.

Deputy Minister of Environmental Protection and Natural Resources Viktoriia Kyreieva emphasized the critical importance of implementing the NECP in the coming years:

"In 2024, we will work on a legal framework for greenhouse gas emissions trading and aim to introduce relevant legislation next year. Additionally, our low-carbon transition strategy must be finalized by 2025."

Achieving these ambitious goals requires significant financial resources. According to Kyreieva, it is essential to unite efforts between the government, businesses, and international partners to attract new funding sources.

Funding the extensive changes outlined in the NECP poses a significant challenge. Deputy Minister of Economy Andrii Teliupa presented an investment portfolio to support NECP implementation, which includes 260 private projects worth $50 billion and 140 public projects worth $28 billion.

"By March 2025, we will prepare the first integrated progress report on NECP implementation. We also aim to establish an online monitoring system that will track progress in real-time using clear KPIs," Teliupa noted.

The United States has actively supported Ukraine’s green transition. Jeffrey Pyatt, U.S. Deputy Secretary of State for Energy Resources, highlighted this during his address:

"We have already provided $825 million in assistance to Ukraine’s energy sector. However, Ukraine is not only a need but also an opportunity. Its potential in renewable energy and nuclear technology makes it a vital partner for Europe."

The Green Transition Office, under the Ministry of Economy, plays a key role in coordinating efforts. Andrii Kitura, Head of the Green Transition Office and Development Director at DiXi Group, shared details about their initiatives:

"To mobilize additional resources, we are developing a 'carbon budget' mechanism to identify decarbonization potential across economic sectors and pinpoint investment opportunities."

Special attention is being paid to high-emission sectors such as agriculture, which accounts for over 30% of emissions, and the cement industry.

"We are creating roadmaps for the modernization and decarbonization of the cement and agriculture sectors. In 2025, we will begin similar plans for other industries, including steel production," Kitura added.

The Net Zero World initiative, implemented in cooperation with the U.S. Department of Energy, was also highlighted during the discussion. Nazar Kholod, the initiative’s coordinator, outlined its practical achievements:

"We have already presented the report 'Rebuilding for Decarbonization in Ukraine' and are developing roadmaps for industries such as cement, steel, and fertilizers. Together with Ukrainian partners like the Green Transition Office, we are also working on sectoral strategies for integrating into European climate policy."

COP29 provided a vital platform to showcase how Ukraine is turning the challenges of war into opportunities for systemic development. With the support of international partners, including the United States, and concrete actions under the NECP, Ukraine has the chance to become a model for successful green transformation under difficult conditions.

The discussion was organized by the Green Transition Office and the DiXi Group think tank, in collaboration with the Net Zero World initiative, with support from the Ministry of Economy of Ukraine, the Ministry of Energy of Ukraine, and the Ministry of Environmental Protection and Natural Resources of Ukraine.