We are not aware of any public or private "green" financing initiatives specifically for sustainable real estate projects. Nonetheless, there are a number of programs for energy efficiency of buildings. The main ones are as follows:

• State programs and government projects

   

  The government of Ukraine created a mechanism to reimburse part of the loans taken out by individuals, housing associations and multi-apartment building co-owners associations for acquiring energy-efficient equipment and facilities (please refer to our discussion under "Incentives for green retrofit").

• Local projects

   

  A number of Ukrainian cities have launched programs to improve the energy efficiency of buildings. These programs are funded by local budgets and supported by local and international investors. The programs mainly provide for reimbursing the cost of energy-efficient equipment and materials.

   

  For example, in Vinnytsia, the local authorities adopted the Program for Encouragement of Energy Efficiency Improvements in Buildings with a Multi-apartment Building's Co-owners Association for 2012-2020. According to this program, purchasing energy-efficient equipment and materials is funded by the members of a multiapartment building's co-owners association together with a local budget. Similar programs have been launched in Kamianets-Podilskyi, Lviv, Khmelnytskyi and other cities of Ukraine.

   

  There are many private initiatives and organizations that promote sustainable real estate projects by organizing seminars and training.

• International support

   

  There are a number of loan programs and technical assistance programs in the field of energy efficiency. Below are some examples of programs aimed at sustainable energy development in buildings.

   

  The International Finance Corporation Ukraine Residential Energy Efficiency Project is designed to create an effective legal and institutional platform to support multiapartment building co-owners associations and housing management companies in obtaining financing for the energy-efficient modernization of multiapartment buildings through granting preferential credits.

   

  There are also projects supported by Deutsche Gesellschaft für Internationale Zusammenarbeit, the European Bank for Reconstruction and Development, and others.