Svitlana Grynchuk: COP29 results open up new ways to finance climate projects in Ukraine

The COP29 climate summit in Baku has ended. On November 24, countries agreed on a new climate target of $300 billion annually by 2035 for developing countries.

The new climate finance will support nationally determined contributions, national adaptation plans, and raising the level of ambition to fight climate change, among other things.

Svitlana Grynchuk, Ukraine’s Minister of Environmental Protection and Natural Resources, announced this on her Facebook page.

‘A package of decisions on Article 6 – market mechanisms of the Paris Agreement – has been adopted. The development of the work programme on agriculture has continued, and a portal for submitting new projects has been established. Steps have been taken to develop a global adaptation target. As for the Work Programme on Mitigation (risk mitigation), countries have developed elements to continue this important area. Climate and gender: we extended the work programme for 10 years and await a decision in Brazil. It was an intense and quite challenging JPC for all countries, particularly Ukraine,’ said Minister Svitlana Grynchuk.

She also explained the results for Ukraine: ‘We will receive funds to implement our climate plans and projects. We will be able to attract additional investments under Article 6 and access funding from international financial institutions for green energy, green recovery, and climate change adaptation.’

According to Svitlana Grynchuk, an important element of the work in Baku was the Ukraine Pavilion, which fulfilled its mission of engaging international partners in green recovery – despite the war and destruction. It will remain a symbol of the world’s unity around Ukraine even after the end of COP29.

‘The idea of our centre during the UN Climate Summit in Baku received a significant response. 30+ interviews with global media, more than 30 bilateral meetings with partner countries and international organisations, 50+ events within the pavilion, more than 1000 participants in events, 7000+ visitors to the pavilion – all this is the result of the work of a large and well-coordinated team. I would like to thank everyone who contributed to the creation of the Ukrainian pavilion and the spread of its idea. Let the Ukrainian seed germinate worldwide!’ said Svitlana Grynchuk.