It was discussed at the meeting of the Agency's Head Sergiy Savchuk with the Norwegian officials.

"First of all, today we have to think how to replace gas with alternative energy sources, especially in the heat and power engineering. The next priority is thermo-modernization of 80% of the housing fund. It requires financial mechanisms and sources of funding", S. Savchuk mentioned at the beginning of the meeting.

Olav Berstad, Senior Adviser of the Ministry of Foreign Affairs of Norway, said that Norway was ready to share experience in financing energy efficiency projects. For example, in order to provide reforms in the residential sector, there is a special state fund financed by taxes on energy consumption. Funds are provided to households for energy efficiency measures.

The Head of the Agency also said that recently the National Renewable Energy Action Plan by 2020 had been approved. The plan's objective is to achieve 11% share of renewable energy in the final energy consumption in 2020. This document helps create a favourable investment framework in the sphere of renewable energy. In particular, it is expected to attract 300 billion USD of investments by 2020. In addition, the Agency is developing a National Energy Efficiency Action Plan by 2020, in the framework of which it is expected to attract around 1 trillion USD.

"Achieving these goals requires foreign investment. We are ready to provide an adequate legal framework to attract it", said the Head. The representatives of the Norwegian delegation supported the Head's opinion about the need to create an energy saving fund in Ukraine to finance energy efficiency measures, particularly in the residential sector.

At the end of the meeting the both sides agreed on cooperation to attract investment and to prepare proposals for creating the fund.

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