The system of financial and economic support of energy-saving measures in Ukraine and the EU

• Main Author: V.V. Skryl
• Format: Article
• Language: English
• Published: Zhytomyr Polytechnic State University 2020-03-01
• Series: Економіка, управління та адміністрування
• Subjects: energy efficiency; energy saving; measures; financial and economic mechanisms
• Online Access: http://ema.ztu.edu.ua/article/view/200976/201067

The financial and economic provision of energy-saving measures is a very important component for the further development of Ukraine. It is well-known that the current situation of energy saving in industry, the budget sphere and in households requires immediate modernization and renewal. Ukraine's energy consumption is the highest among all European countries. Yes, indeed, Ukraine has made great strides towards reducing energy costs lately, but that is not enough. Its rating in 2018 has improved significantly. Today, the Government of Ukraine has resolved a number of issues at the legislative level. All technical aspects of energy-saving measures are highlighted. But the most significant question remains – it is the financial support for these activities. That is why, the article deals with the European practice of applying financial mechanisms of energy saving measures. The experience of EU countries on the use of energy efficiency financing instruments is grouped. This made it possible to form traditional and non-traditional financing groups for energy conservation in Ukraine. It is noted that traditional financial mechanisms for energy-saving projects are commonly used in Ukraine. There is also the practice of applying international financial institutions. The latter ones carry out their activities with budgetary institutions or enterprises. Ordinary households are in a worse situation. Usually, they are unable to use bank loans for energy-saving activities. Therefore, non-traditional mechanisms for financing energy-efficient activities, such as ESCO, P2P, crowdfunding and a revolving fund, are considered in the paper.