For the first time in history, Ukraine has its own pavilion at the annual UN climate conference “where we want to tell the story of today’s Ukraine, in war, and future Ukraine, [a] clean technological new economy”, Maxim Timchenko, CEO of DTEK, Ukraine’s largest private energy investor, tells Energy Monitor at COP27.
He is confident DTEK will still meet its 2040 climate neutrality goal, with the war and its economic repercussions providing an opportunity to “start from scratch” in some industries and create, for example, a “clean green steel” business.
“I think we have all grounds to say that by 2030, by 2035, we can have 100% clean energy produced in the country,” Timchenko said in Sharm El Sheikh. “We will not change our goal to be climate neutral by 2040.”
Timchenko is equally optimistic about the prospects for foreign direct investment (FDI). “Even now we have quite a lot of talks with potential partners to build and invest in Ukraine,” he says. There are already talks under way to develop “political military risk insurance” for investments in Ukraine, he adds. “I think that [the] new Ukraine can be built with a very important role for the private sector.”
This article originally appeared on Energy Monitor.