In early October, Dubai opened the largest exhibition in the world EXPO 2021. Alongside 192 participating countries, Ukraine represented its culture, potential, and achievements. The key topic of EXPO 2020 – organized in the heart of one of the world’s oil production centers – is sustainable development and building an environmentally friendly future. Eco-friendliness is embedded in almost everything, ranging from five thousand PV panels on the roof of one of the central pavilions to an incredible amount of recycled building materials used to erect pavilions in the middle of the desert.
DTEK, as a member of the Ukrainian business delegation, presented achievements and innovations in the energy sector and shared its vision for developing the energy industry in Ukraine.
The future of Ukrainian energy is inherently linked to the decarbonization process, a global trend neither energy exporters nor importers can ignore. Decarbonization will help to eliminate resource inequality between countries.
The potential of renewable sources, combined with the latest technologies, can transform the landscape of the global energy market in the future. The place of key players may be occupied by countries that are currently experiencing a shortage of traditional energy resources.
It is, therefore, particularly important for Ukraine to see and comprehend the global context. It allows us to look at ourselves from a different perspective, assess the country’s development, and the appropriateness of government strategies. Participation in the EXPO is also important for changing Ukraine’s international positioning. In particular, the country should be considered not just in the context of the East European problem. We should also speak about our potential in solving humanity’s global challenges.
The 2030 DTEK Development Strategy, driven by the Environmental, Social, Governance (ESG) principles, pays special attention to decarbonization. Our company has set a goal to achieve carbon neutrality by 2040. We don’t just talk about it. We are investing in the construction of new renewable energy assets and storage systems, the development of hydrogen technologies, and the modernization of electrical networks.
DTEK is increasing its share of electricity production from renewable energy sources up to 33% of our total output by 2030. And we are implementing pilot projects to explore new opportunities in the energy sector. This May, for example, we commissioned the first energy storage system in Ukraine, with a capacity of 1 MW. It was recently certified by Ukrenergo. DTEK intends to scale up this pilot project and launch up a 50 MW storage facility.
The European energy market is of key importance for Ukraine, and to maintain our position, we must become the decarbonization champion of Eastern Europe. The process requires the transformation of the energy industry and long-term investments. To secure these investments, we must have the steadiness of government strategies, predictability of legislation, and respect for investors.
There is strong competition from countries around the world for investment. Ukraine can only win this race if it learns the basic rules of attracting investments.
Guarantees of consistent rules, protection of property rights, and a single approach to both national and foreign investors are what the business community expects from the government today. The global technology race has already begun, we can clearly see at EXPO 2020. The key to Ukraine’s success is a better investment climate to accelerate the technological transition.
Dmytro Sakharuk is the executive director of DTEK.
