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Main » RES Tracker

UKRAINE RENEWABLE ENERGY TRACKER

Solar energy

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$425 million invested into the global off-grid solar sector in 2023, a 43% drop versus 2022.

Wind energy

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Global offshore wind investment reached a record $76.7 billion, jumping 79%.

Energy transition

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Global investment in the energy transition hit $1.8 trillion in 2023, up 17% on the previous year and a new record. 

Investments in RES:

1,770,000,000,000 USD

Key sectors

In Ukraine, as of the beginning of 2024, the installed capacity of renewable generation facilities increased by 238 MW from the level of 2022 and reached 8773 MW. Currently, more than 1,000 companies operate more than 1,767 renewable energy facilities/installations in the sector.
The total volume of green electricity production has not changed compared to 2022 and reached about 8 million MWh.  The largest drop in electricity production in 2023 was recorded at wind power facilities – by 43% , while other RES facilities increased production by 10-61%. In Ukraine, over 660 MW of new renewable energy capacities were commissioned during the 2022-2023 military years. 

Key sectors

Energy storage

The Ukrainian power system will need 800 MW of energy storage with an estimated investment requirement of $0.7 billion.

Solar Energy

The country has installed over 5 GW of solar capacity by the end of 2024. According to the NEURC register, as of 24 April 2024, there are 1369 solar power plants in Ukraine owned by 931 licensees.

Wind energy

Currently, Ukraine's wind power generation capacity reaches 1900.8 MW. The total installed wind power capacity is expected to reach 10 GW by 2032.

Innovations in green energy

In June 2023, the Innovate Ukraine Green Innovation Fund was launched. It will provide grants to support businesses in developing innovative, sustainable energy technologies and business models. Its total volume is £62 million.

Biomass

About 10% of buildings in Ukraine are heated with biomass, 10% with coal and 80% with gas. In 2020, biomass replaced about 5.2 billion m3 of natural gas, which is about 15% of total pre-war consumption.

Biomethane (biogas)

Under favorable conditions, biomethane production in Ukraine could reach 1 billion cubic meters per year in 2030, 4.5 billion cubic metres per year in 2040. To achieve these biomethane production targets by 2050, the industry will need €40 billion in investments.

Green Steel

The cost of the medium-term green transition strategy until 2035 is almost $35 billion. Such investments will ensure the production of up to 15 million tonnes of green steel per year.

Energy Efficiency

Ukraine's 9.2 million residential buildings, mostly Soviet-era, use 28.4% of final energy and are far less efficient than EU buildings. The Energy Efficiency Fund has completed 300 projects, with 150 more planned by 2024, to cut CO2 emissions by 63,000 tonnes and boost energy efficiency.

Policies

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The declared key objective of the Energy Strategy of Ukraine is to turn Ukraine into an energy hub in Europe. Ukraine has ambitious plans to transform its energy sector through the development of renewable and carbon-neutral generation and by attracting investment in the energy sector.

Global Investments in RES

GLOBAL INVESTMENTS IN RESOURCES GREW BY 8% IN 2023. According to the results of the last year, global investments in clean technologies increased by 17% or up to USD 1.77 trillion, which is a new record for a single year. The renewable energy sector took second place in terms of funding last year, after electric mobility, with investments in it growing by 8% to reach USD 623 billion. 

In 2023, 117 gigawatts of new wind power capacity was installed worldwide, up 50% year-on-year. In 2023, there was a significant increase in investment in the hydrogen industry (investment tripled compared to 2022, to USD 10.4 billion), carbon capture and storage technologies (investment doubled in 2023) and energy storage systems (investment growth of 76%, to USD 36 billion).

Globally, investments in energy efficiency increased by 16% to USD 600 billion in 2022.

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Development of local RES projects / Renewal of industry using renewable energy sources

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The development of local renewable energy projects can reduce the carbon footprint and contribute to the sustainability of Ukrainian communities. 

Promoting the use of renewable energy sources, such as solar, wind and hydropower, at the local level will allow decentralization of renewable energy production, making it more affordable and beneficial for communities to generate their own electricity from clean and sustainable sources. 

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