Building a green economy in Ukraine is a core of the Association Agreement with the EU (see Art. 360). The Annexes to this document (especially, XXX and XXI) entail a list of relevant Directives and Regulations to make transition towards a green economy easier. The Project deploys amidst existing uncertainties caused by the rapid spread of COVID-19 pandemic, as a focused measure to spearhead a green, encompassing interventions across the critical areas.
Post COVID-19 green recovery will build back better with green investments to drive economic growth and with significant environmental and social benefits. Green economy is defined as low carbon, resource efficient and socially inclusive. In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.
The project will provide an important stimulus for transition to a greener economy and more sustainable financial system – support implementation of the new business models, creation of the new green jobs, improved social inclusion of the citizens and unlock private green and sustainable finance.
This objective will be achieved through delivery of the following outputs:
1) improved legal framework on the national level for a better green transformation of the economic and financial relations,
2) reduced transaction costs on the green finance market; and
3) better evaluation and management of the climate-related risks on the corporate level.