The European Bank for Reconstruction and Development (EBRD) has launched the Ukraine Renewable Energy Risk Mitigation Mechanism (URMM) to accelerate renewable energy investments. The mechanism was announced at the Ukraine Recovery Conference in Rome and aims to add 1 GW of capacity by bringing in €1.5 billion (~$1.74 billion) in investments. Funding commitments were formalised as the EBRD signed letters of intent with the European Union and The Netherlands, which have pledged €180 million (~$ 2.09 million) and €12 million (~$ 1.39 million), respectively. These initial pledges are complemented by potential contributions under consideration from Germany, Norway, Sweden, and Switzerland. Switzerland and others aim to support URMM’s design to stabilise developer revenues and reduce market risk. Risk mitigation measures will be implemented through competitive auctions, open to all financial institutions. Institutional participation will be supported by technical assistance for the Ukrainian government to establish a national renewable energy scheme aligned with EU energy and market reforms.Earlier, the EBRD also supported Scatec’s 1 GW solar-plus-storage project in Egypt.