13.11.2026 | News
Memorandum of Understanding signed at the COP31 strengthens collaboration on climate finance, carbon markets and high-impact mitigation projects.
ANTALYA, TÜRKIYE 13 November 2026 – The Ministry of Economy and Environment of Ukraine and Nefco – the Nordic Green Bank have signed a Memorandum of Understanding (MoU) to strengthen cooperation on Ukraine’s green recovery, climate action and mobilisation of climate finance. The agreement was announced at the Ukrainian Pavilion during the United Nations Climate Change Conference COP31 in Antalya, Türkiye.
The MoU establishes a framework for collaboration between Ukraine and Nefco to support the country’s climate ambitions and recovery efforts, facilitate cooperation under Article 6 of the Paris Agreement and voluntary carbon markets, mobilise climate and carbon finance, and accelerate the development of high-impact climate mitigation activities and projects.
Building on a framework agreement signed in 2010, Ukraine and Nefco have worked together to deliver environmental and climate investments in the public sector. The new MoU deepens this cooperation by expanding collaboration on climate finance, carbon markets and green recovery.
The partnership seeks to connect Ukraine’s significant mitigation potential with Nordic expertise, investment and demand for high-integrity climate action.
“It is important for Ukraine that climate policy delivers tangible results – new investment, the modernisation of enterprises and a reduction in greenhouse gas emissions. In 2026, we adopted the regulatory framework for implementing cooperative approaches under Article 6 of the Paris Agreement. Our task now is to utilise these opportunities to attract climate finance and implement projects that will contribute to Ukraine’s green recovery. This is precisely the aim of our cooperation with Nefco: to combine our climate goals with practical investment solutions,” said Oleksandr Krasnolutskyi, Deputy Minister of Economy and Environment of Ukraine.
“Nefco has worked with Ukraine for more than 20 years, and we have initiated more than 100 new projects since the start of the full-scale invasion. This agreement builds on that long-standing partnership and has the potential to further strengthen our ability to deliver green recovery projects by opening up new opportunities for climate and carbon finance. Our focus remains on concrete investments that reduce emissions, strengthen resilience and support sustainable economic development,” commented Trond Moe, Managing Director, Nefco.
The cooperation will be implemented with support from the Nordic Climate Partnership, a new pilot initiative managed by Nefco that aims to mobilise climate and carbon finance for high-integrity climate mitigation projects.
Under the MoU, the parties intend to explore opportunities for cooperation on policy dialogue and capacity-building related to Article 6 implementation, development of mitigation project pipelines, mobilisation of climate and carbon finance, and the exchange of knowledge and experience on scalable approaches that could contribute to Ukraine’s green recovery. Potential areas of cooperation include methane abatement, waste management, biomethane, energy, district heating, industry and agriculture.
The cooperation will also further strengthen engagement and knowledge exchange between Nordic and Ukrainian stakeholders. Through the Nordic Climate Partnership, Nefco may support the identification and development of climate mitigation opportunities, facilitate partnerships, provide technical assistance and explore approaches that combine climate finance and carbon finance.
“The aim of the Nordic Climate Partnership is to turn climate ambition into investable, high-integrity projects. By bringing together Ukrainian project developers and institutions with Nordic expertise, finance and demand for credible emission reductions, we can help unlock investments that deliver climate impact and support Ukraine’s green recovery,” said Dennis Hamro-Drotz, Head of Special Funds, Nefco.
The Green Transition Office, which is an independent advisory body under the Ministry of Economy and Environment of Ukraine, provides assistance in implementing reforms in the field of the green transition and energy and climate policy in Ukraine and identification of investment projects pipelines linked to climate objectives, and will serve as the focal point for implementation of the MoU on behalf of the Ministry of Economy and Environment of Ukraine.
The next step will be to identify potential areas and projects for cooperation and explore how they could be developed and financed under the new framework.
For more information, please contact:
Media contact – Ministry of Economy and Environment of Ukraine:
Public Relations and Media Relations Department – pressmineconomy@me.gov.ua
Green Transition Office – gto.communication@dixigroup.org
Media contact – Nefco:
Anni Rein, Senior Communications Manager
Anni.rein@nefco.int, tel. +358 10 6180 852
Ministry of Economy and Environment of Ukraine
Ministry of Economy and Environment of Ukraine is a central executive body whose activities are directed and coordinated by the Cabinet of Ministers of Ukraine and which is responsible for the formulation and implementation of state policy in the field of climate change and for compliance with the requirements of the United Nations Framework Convention on Climate Change, the Kyoto Protocol thereto and the Paris Agreement, as well as promoting the attraction of investment in the field of environmental protection and climate change mitigation.
Green Transition Office
The Green Transition Office is an independent advisory body under the Ministry of Economy and Environment of Ukraine that helps to implement reforms in the field of green transition, energy and climate policy of Ukraine. The Green Transition Office operates with the financial support of the UK International Development and is implemented by Dixi Group. Read more: gto.dixigroup.org
Nefco
Nefco, the Nordic Green Bank, is an international financial institution (IFI) owned by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden. We step in to help Nordic green solutions scale up faster and mobilise green investments from public and private actors. Together with clients and partners, we deliver concrete, lasting impact. Read more: www.nefco.int
Nordic Climate Partnership
The Nordic Climate Partnership is a pilot initiative that seeks to mobilise climate and carbon finance for high-integrity climate mitigation activities and projects. Managed by Nefco, the Nordic Climate Partnership aims to facilitate cooperation under Article 6 of the Paris Agreement and voluntary carbon markets, support project development and connect Nordic stakeholders with credible climate investment opportunities that deliver measurable emission reductions and sustainable development benefits. Read more: www.nefco.int/climate
Cover photo: Oleksandr Krasnolutskyi, Deputy Minister of Economy and Environment of Ukraine and Trond Moe, Nefco and signing the Memorandum of Understanding at the Ukrainian pavilion at COP31 – Joel Sheakoski for Nefco.