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Ukrainian Naftogaz joined UN sustainability goals

Naftogaz is the largest vertically integrated oil & gas company in Ukraine, the company employs more than 52 000 people and is one of the largest taxpayers in the country.

Ukrainian Naftogaz joined UN sustainability goals

Kiev, July 23 - Neftegaz.RU. Naftogaz Ukrainy has joined the United Nations Global Compact (UNGC) as a participant, it said July 23, calling the decision a logical extension of its corporate policy.
It will undertake to attain 6 sustainable development goals and report on their execution, the 1st of which is affordable and clean energy.

Oleksiy Ryabchyn, Advisor to the Naftogaz CEO, said:
  • Naftogaz Group is developing a green business model, and this is not only due to the global trend towards a steady reduction in the use of fossil fuels, but also by its own ambitious plans to implement low-carbon projects
  • in particular in the field of renewable and bio-energy, energy efficiency, and the hydrogen economy
  • Environmental and climate requirements regarding the operations of companies will increase each year
  • It is therefore important right now to start projects aimed at reducing emissions at all stages – from oil & gas production to their processing, storage and supply
UNGC stressed the importance of Naftogaz' decision, saying that large business has a significant impact on the regions where it operates.
It said:
  • When companies like Naftogaz take responsibility for the impact of their activities on the world we live in, we are moving closer to achieving our Sustainable Development Goals
In March 2020 solar and wind generation in Ukraine for the 1st time have exceeded coal.
In March 2021 renewables at noon output reached 2,98 GW, while the coal fleet was running at 2,3 GW.

Ukraine's power sector is now entering deep structural changes, which are much needed to address mounting geopolitical, economic and environmental pressures.

Country's thermal power generation is already entering terminal decline and needs to be replaced by deployment of distributed renewable energy sources, energy storage and digital solutions for flexibility.

To win the fruits of energy transition Ukraine would have to apply step-by-step approach to deep restructuring of the power sector.

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