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ESCO In Ukraine: 8 Years of Progress and Resilience Amid War (Webinar) - 30.01.2025

ESCO in Ukraine: 8 Years of Progress and Resilience Amid War (Webinar) - 30.01.2025

Location: Ukraine

An in-depth discussion on how the ESCO mechanism has been pivotal in advancing energy modernization in Ukraine’s municipal sector over the past eight years, even amidst the unprecedented challenges of wartime. This webinar provides a comprehensive overview of the foundational ESCO legislation in Ukraine, emphasizing the state and municipal guarantees that ensure investment returns for ESCO companies—facilitating the successful implementation of over 700 energy performance contracts worth more than 60 million USD.

The session showcases key energy-efficient technologies and distributed energy resources deployed by ESCOs, including the installation of solar power stations in hospitals and water utilities, thermal modernization of public buildings, LED lighting solutions, and the enhanced ESCO model, where projects are co-financed by municipalities and ESCO companies.

Notably, the GEF/UNDP Project “Removing Barriers to Promoting Energy Efficiency Investments in Public Buildings in Small and Medium-Sized Cities of Ukraine Using the ESCO Mechanism” has played a critical role in strengthening Ukraine’s ESCO market. By promoting energy efficiency investments, this initiative has supported municipalities in adopting sustainable, energy-saving measures while driving forward the country’s green transition agenda.

Furthermore, the discussion addresses newly introduced financial instruments, including soft loan mechanisms established via ESCO-Fund and Decarbonization Fund of Ukraine, which are designed to facilitate and accelerate ESCO project implementation. This webinar offers a unique opportunity to gain valuable insights into the legislative, financial, and technological advancements that are shaping Ukraine’s energy efficiency landscape, ensuring long-term sustainability, resilience, and modernization of municipal infrastructure.

Meet the speakers

Søren Lütken

Senior Economist
Søren Lütken
Organisation: Copenhagen Centre on Energy Efficiency

Email: soren.lutken@un.org

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Bio

Soren E. Lütken holds a PhD in assessing European energy utilities' investment strategies with respect to UNFCCC investment vehicles such as CDM. Further, he combines an MBA background with experience from 10 years of service in the Danish Ministry of Foreign Affairs, tasked with multilateral finance advice and Danish bilateral climate change collaboration with China.

His approach to the energy sector is financial and political rather than technical. He has been working with Energy Service Companies (ESCOs) in Eastern Europe with e.g. EBRD financing in the 1990s, private energy infrastructure financing in Asia in the late 1990s, CDM investment, mainly wind energy and hydro projects, in India and China from 2003 onwards, and ESCO concept development in China's steel sector in 2008-2010.

Since joining the UNEP DTU (now UNEP Copenhagen Climate Centre) and its climate change-focused advisory in 2010 his work has focused on the linkage between energy investments and the politically controlled frameworks that determine investment conditions. He initiated the Global ESCO Network in 2019, realizing the missing link between the climate change agenda and the obvious role of ESCOs in emissions reduction.

He has authored two books and several working papers, including ‘Corporate Strategies and the CDM – developing country financing for developed country commitments?’ published in 2008, 'Financial Engineering of Climate Investment in Developing Countries' published in 2014 and several guidebooks on climate action and sector-specific energy efficiency implementation, including UNFCCC Guidance.

He is the author of two books on climate finance (published at Edward Elgar & Anthem Press respectively) as well as numerous guides and working papers on NAMAs and climate finance.
Anna Zhovtenko

Project Manager
Anna Zhovtenko
Organisation: United Nations Development Programme

Email: anna.zhovtenko@undp.org

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Bio

Anna graduated from the National University of “Kyiv-Mohyla Academy” with an MA in Environmental Science, Ecology and Environmental Protection. She gained 6 years of experience in implementing regional projects on transboundary cooperation and civil society development in OSCE. Currently, Anna manages several UNDP projects in energy efficiency in public buildings and early recovery of conflict-affected areas of Ukraine. She is a leader of the technical assistance team to the EIB-funded “Ukraine Public Buildings Energy Efficiency” Programme. Anna also is a member of the Board of the NGO “Ukrainian Environmental Club “Green Wave” and a member of the Association of Sustainable Development Experts and Women Energy Club.
Roman Palahusynets

ESCO Engineering Analyst
Roman Palahusynets
Organisation: United Nations Development Programme

Email: roman.palahusynets@undp.org

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Bio

Roman has a strong background with 9 years of experience in energy efficiency, renewable energy, and energy service contracts (ESCO) in Ukraine. He currently works as an ESCO Engineering Analyst at the UNDP in Ukraine, where he has successfully led efforts to advance the ESCO market and supported over 90 EPC contracts worth more than USD 24 million, focusing on solar power and thermal modernization in public buildings. Prior to this, he held key roles at the State Agency for Energy Efficiency in Ukraine and in the private sector, where he developed and managed projects related to renewable energy, energy-saving technologies, and biomass solutions in municipalities across the country.
Serhii Novosolov

Green Financial Mechanisms Specialist
Serhii Novosolov
Organisation: United Nations Development Programme

Email: sergii.novosolov@undp.org

Bio

Sergii Novosolov holds a Master’s Degree in Finance and has extensive experience in developing and implementing financial mechanisms for energy efficiency (EE) programs and projects. With 15 years of experience in financial instruments and mechanisms for energy efficiency, renewable energy, and energy service contracts (ESCO) in Ukraine, Sergii is currently a Green Financial Mechanisms Specialist at the United Nations Development Programme in Ukraine.

In this role, he has played a pivotal role in facilitation of the innovative financial mechanisms aimed at de-risking investments in EE projects within Ukrainian municipalities. This initiative, launched in partnership with the Business Development Fund and the Decarbonization Fund of Ukraine, marks a significant advancement in accessible and affordable financing solutions tailored to the unique demands of the Ukrainian market. By focusing on de-risking and offering favourable loan terms, these mechanisms aim to reduce the financial burden on municipalities, thereby accelerating the adoption of energy-efficient technologies and practices.
Oleksii Korchmit

Head
Oleksii Korchmit
Organisation: Ukrainian Association of Energy Service Companies

Email: korchmit@ukr.net

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Bio

Oleksii Korchmit is the Head of the Ukrainian Association of Energy Service Companies with over 10 years of experience in energy efficiency, renewable energy, and energy service contracts (ESCO) in Ukraine. He has a proven track record of conducting feasibility studies for energy efficiency projects, drafting laws and sub-laws related to energy policy, and working closely with government bodies and local authorities. Oleksii has successfully led key initiatives to enhance ESCO development in Ukraine, including the implementation of energy management and monitoring systems in public sector buildings. He has also provided expert guidance to numerous international organizations and projects, contributing to the growth of the ESCO market and energy efficiency programs across the country.