Canada is set to boost investments in Ukraine’s energy sector, as on February 18, officials from Ottawa and Kyiv met in Paris and rolled out a big plan: a new energy partnership to help shore up Ukraine’s battered power grid and broaden its energy sources.
They’re doing this while Russian attacks keep hammering Ukraine’s power plants, gas facilities, and transmission lines, leaving people in the dark and freezing, especially during one of the harshest winters since the war started in 2022. Just this week, Russian strikes killed three people and knocked out heat and electricity for tens of thousands.
At the core of the partnership is the focus on facilitating the involvement of the private sector, with Canada partnering with its own sectors to explore and highlight investment opportunities in Ukrainian energy projects. These include renewable energy projects and the reconstruction of hydropower plants that have been severely affected by the war. It was noted that the expansion of renewable energy resources will decrease Ukraine’s dependence on imported fuel sources.
This particular initiative is part of the overall international push to help the Ukrainian energy sector, in view of the increased need for energy security and the development of robust and diverse energy sources. Through this initiative, Canada seeks to draw foreign direct investment into areas of importance for Ukraine’s reconstruction and future security.
