carbon pricing leadership coalition
• Partnership positions Ukrgasbank as a market leader in green finance in the region
• Past Ukrgasbank projects have directly led to the elimination of 900,000 tons of CO2 emissions a year
• Agreement comes ahead of the expected privatization of Ukrgasbank in 2018-2019
Ukrgasbank (EcoBank), a state-owned Ukrainian bank, became the first partner from Ukraine to join the Carbon Pricing Leadership Coalition. This partnership promises to boost sustainable and environmentally friendly economic growth, and is expected to strengthen the position Ukrgasbank as the leading green bank in Ukraine. This follows the financing of more than 330 funding projects that have eliminated nearly 900,000 tons of CO2 emissions a year – making the bank a key driver on climate change action in the region.
This partnership is an important step in the objectives of Ukrgasbank, and follows past agreements with the IFC, a member of the World Bank. This includes agreements around green finance and providing easier access to funding for companies intending to implement projects in renewable energy, energy efficiency, and environmental protection.
This latest partnership comes ahead of an expected privitization of Ukrgasbank in 2018-2019. This is due to the strong performance of the bank over recent years, which has seen Ukrgasbank become the fourth biggest in Ukraine by assets.
Kyrylo Shevchenko, Ukrgasbank’s CEO said, “Ukrgasbank is very proud of this new relationship with the Carbon Pricing Leadership Coalition, and we expect great things to come off the back of this partnership. Our experience in financing green projects and cooperation with regulatory authorities will contribute to the implementation of optimal carbon pricing mechanisms in Ukraine that will stimulate the development of green technologies and innovative projects on the market, driving new, low-carbon economic growth.”
Ukrgasbank is a state-owned bank in Ukraine with more than 24 years of experience in the Ukrainian banking sector providing both traditional and innovative products and services. The bank serves around 900 000 private and over 46 000 corporate and SME customers. The bank operates through a network of some 240 branches across Ukraine and has a strategic focus on financing clean energy.
The Carbon Pricing Leadership Coalition brings together the public and private sectors to introduce effective carbon pricing strategies that support competitiveness, create jobs, encourage innovation and deliver significant emission reductions. The Coalition was formed at the United Nations Climate Summit in 2014, where 74 countries and more than 1,000 companies expressed support for carbon pricing. The official launch of the Coalition took place at COP21 in Paris in December 2015.
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