EIB helps to align Ukrgasbank’s environmental and social standards with the EU

• The “ESG Alignment” initiative will align the bank's environmental, social, and governance (ESG) standards with core EU requirements, including the Corporate Sustainability Reporting Directive (CSRD) of the EU.
• The initiative will establish a best-practice ESG framework for Ukrgasbank and create replicable models to accelerate the green transition across Ukraine’s banking sector. 
• The initiative is implemented within EIB's 'Ukraine and Moldova Technical Assistance for Financial Inclusion Recovery' (UMIR) Project.

Reinforcing its commitment to Ukraine's sustainable future, the European Investment Bank (EIB) is supporting state-owned JSB “Ukrgasbank" to align its standards to the EU. The initiative will deepen the bank's commitment to sustainable finance and systematically integrate robust ESG principles across all operations, a critical step for the country’s "Build Back Better" strategy and alignment with the European Union.

Supported by the EIB the initiative will enhance Ukrgasbank’s risk management frameworks and reporting capabilities to meet EU standards. The scope covers the full spectrum of ESG integration—from developing a corporate ESG strategy and transition plan to embedding ESG risk assessment into credit decisions and preparing for sustainability reporting aligned with the EU’s Corporate Sustainability Reporting Directive (CSRD).

The initiative was officially launched at a kick-off meeting at Ukrgasbank's head office, attended by the bank's management, representatives of EIB and the UMIR project team.

The initiative expands on Ukrgasbank’s sustainable finance leadership in Ukraine. As the first Ukrainian bank to launch a green finance program and a signatory to the UNEP Finance Initiative Principles, Ukrgasbank has invested over $1.6 billion in sustainable projects. This investment has created 1.4 GW of clean energy capacity and cut annual carbon emissions by 1.7 million tonnes.

Rodion Morozov, Acting Chairman of the Management Board of JSB “Ukrgasbank”, stated: “This project goes beyond our own institution. We are developing replicable ESG tools, risk methodologies, and reporting templates that can serve as a benchmark for the entire Ukrainian banking sector. By advancing our own capabilities, we are helping to build a resilient financial ecosystem ready for the opportunities of EU integration.”

Kristina Mikulova, Head of the EIB Regional Hub for Eastern Europe, emphasized the project’s strategic importance: “Ukrgasbank has shown a profound commitment to embedding ESG principles into its core business, which is fundamental for attracting sustainable investment for Ukraine’s recovery. The EIB is proud to support this initiative, as it not only strengthens a key financial partner but also contributes directly to building a transparent, green, and resilient economy in line with EU values.”

Background information:

About JSB "UKRGASBANK": JSB "UKRGASBANK" is a dynamic state-owned bank in Ukraine, with the state owning 94.94% of its shares. The bank is a leading expert in financing sustainable development and green projects, providing comprehensive banking services to private, corporate, and SME clients. Ukrgasbank is committed to supporting the strengthening of the Ukrainian economy and its sustainable, green reconstruction.

About the European Investment Bank (EIB): The European Investment Bank is the long-term lending institution of the European Union, owned by the Member States. Present in Ukraine since 2007, the EIB has significantly increased its support to strengthen the country’s resilience, recovery and modernisation following Russia’s full-scale invasion in 2022. Since then, the Bank has provided €4 billion in financing to help repair damaged infrastructure, restore essential services and sustain the economy. EIB projects in Ukraine focus on rebuilding schools and hospitals, modernising water and heating systems, upgrading roads, railways and energy networks, improving municipal infrastructure, and supporting small and medium-sized enterprises.

About Ukraine and Moldova TA for Financial Inclusion Recovery (UMIR):

EIB's 'Ukraine and Moldova TA for Financial Inclusion Recovery' (UMIR) programme is funded by the EU4U Advisory Programme for 5 years. The overall objective of UMIR is to promote responsible financial inclusion in Ukraine and Moldova as a means to support economic resilience within both countries as well as their path to EU accession. UMIR is implemented by GOPA AFC GmbH (DE).

22.10.2025