26.08.2024 | Insight
On Ukraine’s National Day 24 August 2024, it will be two and a half years since the start of the war. Over the past year, Russia has focused on destroying Ukraine’s critical infrastructure, with a focus on the energy sector. At the beginning of the summer, the President of Ukraine Volodymyr Zelenskyi said Russia had already destroyed half of Ukraine’s energy infrastructure. The country’s citizens, as well as its industries and other businesses, are suffering from constant power blackouts. Thousands of schools, day-care centres and hospitals have also been damaged or even destroyed.
The situation in Ukraine is extremely difficult. The reconstruction of Ukraine cannot wait until the war is over. Fortunately, many countries, including all the Nordic countries, have recognised this and are already supporting the reconstruction and repair of Ukraine’s infrastructure.
Nefco, a green financial institution owned by Denmark, Finland, Norway, Sweden, and Iceland, has been operating in Ukraine for 20 years. Today, we are actively involved in the recovery of Ukraine’s critical infrastructure and public service buildings.
In our experience, there are different priority areas across Ukraine that require urgent investment. In the western parts of the country, including the capital area, Kyiv, housing, schools, day-care centres and other functions critical to everyday life for both internally displaced persons and local citizens must be repaired and constructed. In several municipalities, the water supply, sewage disposal, heating and electricity systems have been destroyed and need to be urgently rebuilt.
Ukraine has expressed a willingness to reform its practices, focus on the green economy, and break free from its dependence on fossil fuels. When considering current investments, it is important to remember to also support Ukraine’s journey towards EU membership, including the green transition and transparent governance it requires.
The reconstruction of Ukraine is not just a necessity for the country’s survival; it is a responsibility shared by the international community. We cannot afford to wait until the war is over. Every day of delay results in further human suffering and the deterioration of essential infrastructure. Nefco, along with many other organisations, is already making strides, but the scale of the challenge requires all of us—governments, businesses, and individuals—to step up.
It is crucial that we intensify our efforts, particularly in areas like housing, public services, and the energy sector, where immediate action can alleviate some of the immense pressures on Ukrainian society. We must also ensure that our investments align with Ukraine’s long-term goals of EU integration and the green transition.
We urge Nordic businesses and citizens to consider how they can contribute to Ukraine’s recovery. Whether through direct investments, partnerships, or advocacy, there are numerous ways to make a meaningful impact. Let us stand together with Ukraine in this critical moment and demonstrate that the spirit of cooperation and solidarity knows no borders. The time to act is now—let us rebuild Ukraine, one step at a time.
