Cabinet approves draft law on establishment of Energy Efficiency Fund

The Cabinet of Ministers approved at its Wednesday meeting a draft law on the establishment of the Energy Efficiency Fund in Ukraine and submitted it to parliament.

Presenting the bill, Deputy Prime Minister of Ukraine Hennadiy Zubko said that the fund should be an effective tool for implementing programs of effective energy consumption.

”Today, the country loses in the networks and the residential sector about 9 billion cubic meters of gas, which is purchased for [hard] currency. At the same time, the volume of consumption is at about 17 bcm. Ukraine may reduce consumption to a level of Spain, for example. In this case, the Energy Efficiency Fund will provide an opportunity to save,” Zubko said.

He also emphasized that the Fund would be one of the stimulants of economic growth as it could involve, inter alia, investment funds.

The implementation of the fund`s programs will create about 75,000 new jobs.

”We will have a different approach to the quality of housing,” Zubko said.

As UNIAN reported earlier, Ukraine`s Cabinet on July 13 approved a concept for the operation of the Energy Efficiency Fund in Ukraine, which will implement projects for the efficient use of energy resources in the country. Ukraine`s government expects that the fund will be able to raise about US$20 billion from international donors, the national budget and private investors in 2017.

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