Ukraine needs to increase legislative requirements in the field of climate and environment both on the way to join the European Union and to enter new markets and improve its security, the EU is ready to provide the necessary support on this path, Executive Vice President of the European Commission for the European Green Deal Frans Timmermans has said.

"On climate and environmental laws more effort will be needed. I cannot tell you how much this will cost, but I can tell you that making the transition to a green economy is the right way to go," he said in an interview with Interfax-Ukraine.

"This is where future markets are and it will bring more security as well. The costs of inaction will be far higher and I can assure you that the EU is ready to continue supporting Ukraine, now and in the future," the Vice President said.

According to him, in the energy sector, Ukraine has already made significant progress in organizing its electricity and gas markets, including unbundling and certification of operators of gas transmission networks, electricity transmission networks, as well as with the structure of the electricity and gas market based on EU rules, which made it possible to join Ukraine to the EU power grid.

"I see great potential for deeper energy cooperation between Ukraine and the European Union, especially on renewable gases, including hydrogen and biomethane," Timmermans noted, pointing out that there are vast tracts of land in the country on which renewable energy installations could be built.

The Vice President pointed out that the advantage of renewable energy is also a much greater decentralization of the energy system, which is important given the threat of Russian strikes.

In his opinion, deeper cooperation between Ukraine and the EU also inspires more confidence from investors who seek regulatory clarity and want to know the country's future direction. "Our joint commitment to rebuild and repower the Ukrainian energy system with more renewables, greater energy efficiency, and green hydrogen is another strong signal to investors. All of this will help Ukraine attract investment into its energy system as it rebuilds the country," Timmermans noted.

He expressed confidence that the government's strong commitment Green Deal and Ukraine's huge potential for renewable energy production, together with recovery efforts, would help make Ukraine an attractive green economy.

Commenting on the possibility of separate rules for the application of the EU Carbon Border Adjustment Mechanism (CBAM) for Ukraine, the EC Vice President noted that exceptions to CBAM are not a starting point for the EU and the system focuses on products, not countries.

Timmermans recalled that CBAM would be phased in over the next few years, and during the initial, transitional phase, importers of goods within the CBAM would only have to report greenhouse gas emissions associated with their imports of cement, iron and steel, aluminum, fertilizer, electricity and hydrogen.

"They will not yet have to pay for them. As we prepare for the system to become operational, the European Commission will discuss with countries how to account for their domestic carbon pricing systems, and how to minimize the administrative burden for goods coming from their territory," the Vice President said.

He also said that the European Union is ready to provide support for the restoration of the flora and fauna of Ukraine, where possible.

"I will add that, as someone who is very interested in ecocide as a new concept in international law, I am closely following Ukraine's efforts to get recognition and compensation from international courts for the environmental damage done. Russia's absolute disregard for international law makes me sceptical about the chances for actual compensation, but for the development of the concept and its application, further steps in this direction by Ukraine will be very relevant," Timmermans also said.