According to the Deputy Head of the Office of the President of Ukraine, Rostyslav Shurma, Ukraine needs $40B to implement the plan’s priorities. At the initial stage of economic recovery, attention will be focused on ferrous metallurgy because this sector accounted for about 10% of Ukraine’s 2021 GDP, a third of the export turnover, and employed 600,000 people. It also accounted for 15% of the country’s carbon emissions, and now there is an opportunity to build an industry based on renewable energy sources.
“Our vision is to build a green steel industry in Ukraine,” Shurma emphasized. He added that the reimagining of ferrous metallurgy will allow Ukraine to become the cheapest supplier of environmentally friendly steel in the world, will significantly support Europe’s efforts to reduce harmful emissions into the atmosphere, and will drive investment for wind, solar and nuclear energy. Preparations for the industry’s restoration will take about 18 months, though construction will begin only after the war’s end.