China and Ukraine agree to step up their cooperation in renewable energy

China and Ukraine have agreed to step up their cooperation in renewable energy, the Ukrainian government said.

The agreement was reached during the plenary meeting of the Chinese-Ukrainian Subcommittee on Trade and Economic Cooperation in Beijing, Xinhua news agency quoted the Ukrainian government press service as saying in a statement.

Ukraine, which heavily relies on imported energy, sees a great potential in its renewable energy cooperation with China, as per the statement.

“China is the world leader in renewable energy capacity expansion. It influences the global trends of the clean energy development.”

In particular, Ukraine is interested in implementing joint investment projects with China, establishing joint factories for the production of equipment and materials for renewable energy facilities, and creating financing mechanisms for clean energy projects, the statement said.

The Ukrainian government has this year developed the country’s “Energy Strategy,” setting the target to increase the share of the renewables in the energy mix to 25 per cent by 2035 from the current four per cent.

Source: IANS