In Ukraine, for example, imported fossil fuels dominate the power market, leaving behind a heavy carbon footprint. Producing a unit of GDP here requires almost four times more energy than the EU average.

To counteract this, the EBRD supports the country’s carbon offsetting through its Ukraine Sustainable Energy Lending Facility (USELF). It is a credit programme worth €140 million, available for small and medium-sized renewable energy projects ranging from hydro, wind, biomass and biogas to solar energy ventures.