Ukrgasbank (Ecobank) Becomes First Ukrainian Bank to Join Carbon Pricing Leadership Coalition to Boost Sustainable and Environmentally Friendly Economic Growth

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.”