Ukraine, UAE consider possibility of launching green projects with involvement of Arab funds and companies

The sides discussed vital issues related to the implementation of the Memorandum of Cooperation with SAEE signed in August 2018, strategies for stimulating the development of clean energy in Ukraine and the UAE, promising investment projects for renewable energy and garbage processing in Ukraine, the Government portal reported.

Despite the fact that the UAE has significant resources of oil and gas, but it is keen on implementing global trends in sustainable energy development and climate change prevention. Thus, the goal of the UAE Energy Strategy until 2050 is to achieve at least 44% of clean energy in the energy balance and to reduce harmful carbon emissions by 70%.

Moreover, the world’s largest solar park is under construction in Dubai. The solar park will generate 5,000MW.

Apart from that, the United Arab Emirates has been developing other renewable energy projects, as well as generation of energy from garbage, sustainable urban development, environmental transport, etc. Ukraine is actively working in these directions as well.

"The partnership with powerful investment companies, funds and financial organizations in the UAE is incredibly important. For example, one of the leading companies Masdar is introducing green projects worldwide and is building the largest in the world the eco-city of Masdar," Savchuk said.

The parties agreed to work on the possibility of the participation of Arab companies and funds in the development of Ukrainian renewable energy.