Scaling up investment in energy is critical to successfully implementing Ukraine’s Energy Strategy as well as the 2015 Paris Agreement on climate change and the country’s 2050 Green Energy Transition Concept (Ukraine Green Deal), which was launched in 2020. Despite the implementation of important reforms to date by Ukraine, a great deal remains to be done to underpin and ensure effective energy sector reforms. The energy sector represents 12.6% of the country’s GDP, yet issues regarding governance, pricing policy, bid-rigging, management and security of energy assets have continued to present obstacles to its development. Key challenges for further investment in Ukraine’s energy sector include improving energy security, reducing fossil-fuel consumption and imports, the closure of coal mines, improving market functioning, addressing corrupt practices and justice system weaknesses.