Ukraine targets initial $40 billion for ‘Green Marshall Plan’ |...

Ukraine targets initial $40 billion for ‘Green Marshall Plan’ | KELO-AM



LONDON (Reuters) – War-torn Ukraine is seeking up to $40 billion to fund the first part of a “Green Marshall Plan” to rebuild its economy, a senior Ukrainian government official told Reuters ahead of a summit this week. Giving the figure of $40 billion for an initial phase of reconstruction, Rostyslav Shurma, a deputy head of President Volodymyr Zelenskiy’s office, said the first focus would be the iron and steel industry.

“If you have to rebuild, it is logical to rebuild green in line with new technologies… Our vision is to build a 50 million tonnes green steel industry in Ukraine,” he told Reuters. Doing so would allow the country to become the world’s cheapest supplier of green steel and a major support to Europe’s efforts to decarbonise, driven by an investment push in new wind, solar, nuclear and hydro power. Many of the country’s damaged legacy steel plants were built in locations that suited their reliance on coal as a power source, but they were now free to build closer to the iron ore deposits and away from the Donbas region, Shurma said."