The Government of Ukraine has established the Energy Efficiency Fund (EEF) to support energy efficient (EE) modernization of Ukraine’s residential housing stock. The EEF is funded by the Government of Ukraine and will provide grants to homeowners of multi-family buildings to perform EE retrofits in their buildings. To support the Government of Ukraine, the European Union and the Federal Republic of Germany have contributed EUR 100 million into an IFC-managed multi-donor trust fund (MDTF) to provide grant assistance to HOAs to co-finance the implementation of energy efficiency measures in multi-family buildings.

Specific objective is to bring Ukraine up to European levels of energy efficiency by reducing the level of energy consumption and СО2 emissions in the residential sector, thus achieving a decrease in the adverse impact on the environment.

Funded by the EU, the Project’s objective is to facilitate US$235 million in investment, including bank loans, into energy efficient renovation of multi-family buildings in Ukraine by 2023. These investments are expected to result in energy efficiency improvements and direct emissions reductions of about 490,000 tons of CO2 per year.