Climate finance is an opportunity not only for the state, but also for business and the public sector to develop according to green principles

This was stated by Svitlana Grynchuk, Ukraine’s Minister of Environmental Protection and Natural Resources, during the forum ‘Ukraine at COP29: Achievements, Challenges, Prospects’, which was dedicated to analyzing the results of Ukraine’s participation in this year’s 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), which took place in November 2024 in Baku, Azerbaijan.

The forum brought together government representatives, businesses, NGOs, and international partners to discuss Ukraine’s climate policy achievements, challenges, and prospects. It was opened by Svitlana Grynchuk, the Minister of Environmental Protection and Natural Resources of Ukraine, and Oleh Bondarenko, the Chairman of the Verkhovna Rada Committee on Environmental Policy and Nature Management.

The Ukrainian pavilion was a particular success at this year’s COP29. It became a platform for more than 50 panel discussions and numerous bilateral meetings to discuss innovative solutions in the fields of environmental protection, energy, and industry. Our delegation presented its climate goals and initiatives, focusing on the environmental impact of the war and the need for a fair approach to reporting emissions from the temporarily occupied territories.

The Minister also discussed the agreements she and her team brought back from Baku. One important topic was water management.

They also talked about essential decisions at COP29 in the field of climate finance and the implementation of Article 6 of the Paris Agreement. At COP29, the countries finally concluded negotiations, which lasted for the past 7 years, on the full operationalisation of Article 6 of the Paris Agreement, which concerns market and non-market mechanisms for cooperation to reduce greenhouse gas emissions. Thus, Ukraine will now be able to put into practice the implementation of agreements on cooperation with Japan and Switzerland under Article 6 of the Paris Agreement.

‘It is important that since COP in Marrakech in 2016, the parties have discussed the possibility of implementing both market and non-market financial mechanisms outside the global fund. A major development of COP29 was establishing an advisory body that will deal with, among other things, the decentralisation of climate finance. And this, in turn, is an opportunity not only for the state but also for business and the public sector to access financing for green development,’ said Svitlana Grynchuk.

Deputy Minister of Environmental Protection and Natural Resources of Ukraine Victoria Kyreieva noted that European partners consider Ukraine a future EU member. This was particularly evident during meetings with representatives of the EU and other international organisations, who noted Ukraine’s significant contribution to the climate agenda:

‘We have shown the world that we can defend the interests of our country even in times of war. The Ukrainian delegation presented a very ambitious Long-Term Low-Carbon Development Strategy until 2050 and demonstrated the ability to implement innovative approaches even under martial law.’

The Forum participants also identified the main tasks to prepare for the next UN Climate Change Conference (COP30), which will be held in 2025 in Brazil. The main focuses of COP30 will be on sustainable forest management and emission absorption and cooperation with South American countries. Svitlana Grynchuk said: ‘We are starting preparations for COP30 in Brazil, as it is important to keep up the pace and strengthen our position. We have proven that Ukraine is a strong, reliable and proactive country on the global stage.’