Wednesday, October 5, 2022

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Energy Community sets up Ukraine Energy Support Fund

The Energy Community Secretariat has set up the legal framework for the Ukraine Energy Support Fund to counteract the impact of the Russian invasion and enable governments and international financial institutions to provide emergency financial support to the Ukrainian energy sector. 

According to the press statement of the Secretariat, the organisation will act as a fiduciary of the Fund as well as an intermediary between the donors and the Ukrainian authorities.

“Already today, there are close to two million people without electricity and heating. Donations to the Fund will be used to purchase much-needed energy supplies, repair damaged energy infrastructure and inject liquidity into the struggling energy sector. This will help ease the hardship of the Ukrainian people,” Director of the Energy Comunity Secretariat Artur Lorkowski emphasised.

The Fund will be established upon request of the European Commission, in agreement with the Ministry of Energy of Ukraine.

“Ukraine and its energy sector need our support but no country or organisation alone has the resources to ensure the country’s energy security. This new Fund will make helping Ukraine easier and better coordinated,” EU Commissioner for Energy Kadri Simson said.

“It is an especially good option for those who want to contribute, but lack the practical or logistical ability to do so – like countries on the other side of Europe or the globe. I am grateful to the Energy Community for creating this opportunity and I call on all our partners to donate to the fund,” she added.

The Fund will enable receiving donations primarily from the EU Member States, third-country governments and International Financial Organisations.

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