The FINANCIAL — A Ukrainian packaging manufacturer has become the first business to receive support to become more energy efficient under the Finance and Technology Transfer Centre for Climate Change (FINTECC) programme.
Assistance was given as part of the European Bank for Reconstruction and Development (EBRD) fund, which aims to help businesses make resource and energy efficiency improvements, with additional support from the EU’s Neighbourhood Investment Facility (NIF). The grant was issued to the Khask Group to implement a solvent recovery system, which will help remove impurities from used chemicals.
The investment will cover the acquisition of state-of-the-art equipment that will reduce the use of energy and solvents and reduce greenhouse gas emissions. Solvent recovery systems, together with additional energy efficiency measures, will help reduce the use of natural gases in manufacturing, according to EU Neighbourhood Info.
Ukraine is a member of the EBRD’s FINTECC programme, which is designed to transfer technology in the area of climate change mitigation and adaptation. The three-year programme is supported by the Global Environment Facility (GEF) and the NIF. This initiative will help Ukrainian businesses invest in the best available technologies to improve energy efficiency.
Officially launched in 2008, the Neighbourhood Investment Facility (NIF) provides additional funding to finance high-cost infrastructure projects in EU partner countries covered by the European Neighbourhood Policy (ENP). It is active in sectors such as transport, energy, environment and social development. The NIF also supports the private sector, mainly through investment grants and risk capital operations targeting small and medium-sized enterprises.
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