28.05.2026
During the Energy Forum “Energy Decentralization 2026: Generation, Storage and Financing”, held on May 26 by Energy Club together with Kyiv Global Expo within the framework of the International Specialized Exhibition Green EnerTech – 2026 at the International Exhibition Center in Kyiv, one of the speakers was Serhii Yelizarov, Advisor to the Head of State Agency on Energy Efficiency and Energy Saving of Ukraine on International Relations. In his speech, he outlined a strategic vision for Ukraine’s energy future, emphasized the importance of energy decentralization, the development of renewable energy, and the role of the Decarbonization Fund in financing energy-efficient projects.
“Everyone is interested in where Ukraine is headed. Last winter, the head of a housing cooperative called me: ‘There is an opportunity to buy a kilowatt-hour of electricity from a generator for 50 UAH. Will you buy it?’ I agreed. Because in winter we had no choice. It was not a question of cheap electricity, but of its availability,” noted Serhii Yelizarov.
At the same time, he emphasized that the strategic goal of the state is much broader than overcoming temporary crisis challenges:
“Our ideal, towards which we are moving, is the permanent availability of cheap and climate-neutral electricity. We strive for this, do everything for this and hope that the commitments made by the state of Ukraine within the framework of European integration — climate neutrality by 2050, the National Energy and Climate Plan until 2030 — will be fulfilled, and we will become members of the European Union on more favorable terms.”
During his speech, Serhii Yelizarov presented two state institutions that currently shape the policy of energy efficiency and decarbonization in Ukraine.
“Today I want to present two state institutions. This is the State Agency on Energy Efficiency and Energy Saving, which is the central executive body that forms and implements state policy in the field of energy efficiency, energy saving, and renewable energy development. And also the mechanism we have today — the Decarbonization Fund of Ukraine,” he said.
According to the speaker, Ukraine is already forming a fundamentally new energy model based on resilience, decentralization, and environmental responsibility.
“Today, Ukraine is not only a state recovering from the massive destruction caused by Russian aggression. It is a country forming a new energy model — modern, resilient, decentralized, and environmentally responsible. Ukraine is already one of the most promising platforms in Europe for the implementation of innovative energy technologies and attracting green investments,” he emphasized.
He noted that the State Agency on Energy Efficiency systematically works on creating favorable conditions for the development of clean energy and increasing energy efficiency in industry, communities, and the public sector. One of the key tools for this has become the Decarbonization Fund.
“Today, it is a state financial mechanism that provides stable support for projects in the field of energy efficiency, decarbonization, renewable energy development, and the fulfillment of Ukraine’s climate commitments in accordance with the Paris Agreement and the European Green Deal,” reported Serhii Yelizarov.
He explained that the fund belongs entirely to the State Agency on Energy Efficiency and offers a wide range of financial instruments: preferential lending, leasing, factoring for the implementation of energy-efficient and decarbonization solutions.
“The fund is financed by revenues from the CO2 emission tax, which works in Ukraine on the ‘polluter pays’ principle. This is approximately 40 million euros per year, and it is a stable, predictable resource that allows planning the implementation of climate and energy projects in the long term,” noted Serhii Yelizarov.
According to him, today the fund supports local self-government bodies in implementing modern energy-saving technologies in communities, utility companies in modernizing critical infrastructure, industrial enterprises in transitioning to energy-efficient production, ESCO companies in implementing energy service projects, public buildings in carrying out thermal modernization, and housing cooperatives and housing management companies in modernizing the housing stock.
At the same time, the speaker emphasized the competitive advantages of the fund compared to bank financing:
“Compared to banks, the fund works faster. Financing rates are up to 9% per annum compared to those we have now, which are plus or minus 14%. That is, it is below the inflation rate. Terms are up to 10 years, financing amounts are up to 2 million euros depending on the project. We cooperate with the EBRD and other financial institutions.”
Serhii Yelizarov announced that the Decarbonization Fund is currently implementing 76 projects for a total amount of 30 million euros.
“This ensures annual savings in megawatt-hours, as well as a reduction in CO2 emissions by more than 40 thousand tons each year,” noted he.
He also reminded about Ukraine’s international obligations in the field of climate policy and decarbonization:
“As you know, Ukraine has committed itself under European integration to reduce CO2 emissions by 65% compared to the 1990s level, increase the level of renewable energy sources in the overall generation structure, and a number of other commitments. Therefore, through the fund, we try to finance and implement these projects to the extent of our financial capabilities.”
According to Serhii Yelizarov, most projects are implemented in the industrial and business sectors, but one of the most dynamic directions has become renewable energy.
“This includes solar generation, bioenergy, biogas installations, and cogeneration solutions. Today in Ukraine, we are witnessing a real development of green energy, which strengthens the energy independence of communities and the entire state,” he stressed.
He also emphasized that the State Agency on Energy Efficiency is actively working on improving legislation and creating new mechanisms to attract investment and develop projects in the field of energy efficiency, bioenergy, biogas, and cogeneration.
“We are convinced that the results already achieved and the examples of successful cooperation will become a powerful stimulus for the further development of energy efficiency initiatives in Ukraine and will accelerate our movement towards a sustainable energy future,” noted Serhii Yelizarov.
In conclusion, the speaker emphasized openness to partnership and the importance of a professional dialogue between the state, business, and communities.
“The State Agency on Energy Efficiency and the Decarbonization Fund are open to partnership and cooperation with all interested parties. And we hope that today’s event will become an effective platform for open dialogue, exchange of experience, formation of new partnerships, and initiation of joint projects that will contribute to the development of sustainable energy and green transformation in Ukraine,” he concluded.
