EU pledges to loan Ukraine up to $39 billion to help rebuild its economy and power grid

KYIV, Ukraine (AP) — The European Union pledged on Friday to lend Ukraine up to 35 billion euros ($39 billion) as part of a loan package organized by the Group of Seven major industrial nations, as it seeks to help the country rebuild its economy and its war-shattered power grid.

G7 leaders agreed in June to engineer a $50 billion loan to help Ukraine in its fight for survival. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral, but progress in distributing the loans has been slow.

“We should make Russia pay for the destruction it caused,” European Commission President Ursula von der Leyen told reporters at a news conference in Kyiv with President Vlodymyr Zelenskyy in Kyiv.

Von der Leyen said that the EU has already provided Ukraine with more than 118 billion euros ($132 billion) in military and economic assistance since the war began in February 2022, “but Russia’s relentless attacks mean further support is necessary.”

“Crucially, this loan will flow straight into your national budget. This will improve Ukraine’s macro-financial stability and it will provide you with significant and much-needed fiscal space. You will decide how best to use the funds, giving you maximum flexibility to meet your needs,” she said.

The loans would be underwritten by the windfall profits earned on almost $300 billion in Russian assets, which have been frozen over its full-scale invasion of Ukraine. The vast majority of that money is held in EU nations, notably Belgium.

Von der Leyen said that the EU is "confident that we can deliver this loan to Ukraine very quickly.” The 27-nation bloc hopes that other G7 countries will follow its lead and start providing loans too.

Zelenskyy said that his priorities are to rebuild Ukraine's energy network, erect more bomb shelters, improve schools and buy more weapons and ammunition.

Von der Leyen arrived in Ukraine on Friday focused on helping the country to restore and reconnect its electricity grid and boost its heating capacity as winter approaches.

Around half of Ukraine’s energy infrastructure has been destroyed during the war with Russia, and rolling electricity blackouts leave parts of the east in darkness for four hours at a time. Von der Leyen said it was the equivalent of all of Latvia, Lithuania and Estonia losing electricity.

Meanwhile, winter is approaching.

“Heating season starts in two weeks and Russia’s relentless attacks on Ukraine’s civilian energy infrastructure aims to inflict maximum damage,” von der Leyen said. “We will help Ukraine in its brave efforts to overcome this.”

The main aim is to help Ukraine decentralize its power grid, and to become less reliant on the big power stations that make easier targets for Russian forces. Around 260 missiles rained down in a major attack on energy infrastructure late last month.

The Europeans have already sent more 10,000 generators and transformers, and they're supplying small and more mobile gas turbines too. These types of electricity-providing equipment are harder to hit and easier to repair.

Ukraine’s winter runs from late October through March, with January and February the toughest months. The Europeans hope to help supply around 25% of the 17 gigawatts of power that the country is likely to need this winter.

One aim of the EU assistance is to provide an incentive for people to stay in Ukraine. About 4 million people have fled since the war began on Feb. 24, 2022, often to Poland and other neighboring countries.

The EU is providing assistance, such as short-term help to find a place to stay, jobs or education. But recently the number of people leaving has climbed. The European Commission, the EU’s powerful executive branch, estimates that 10,000 more people are applying for help each week.

Should the influx continue it could undermine European support for Ukraine.

On Thursday, the commission announced that it would provide an extra 160 million euros ($180 million) to help fortify Ukraine’s energy network. Of that, 100 million euros ($112 million) come from the windfall profits earned from the frozen Russian assets.

Denmark is also leading the charge on using this money to place orders for weapons and military equipment directly with Ukraine’s defense industry.

European Commission President Ursula von der Leyen speaks during a joint press conference with Ukrainian President Volodymyr Zelenskyy, not pictured, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (AP Photo/Efrem Lukatsky)

Ukrainian President Volodymyr Zelenskyy, right, and European Commission President Ursula von der Leyen greet each other in Kyiv, Ukraine, Friday, Sept. 20, 2024. (AP Photo/Efrem Lukatsky)

Ukrainian President Volodymyr Zelenskyy, right, and European Commission President Ursula von der Leyen greet each other in Kyiv, Ukraine, Friday, Sept. 20, 2024. (AP Photo/Efrem Lukatsky)

European Commission President Ursula von der Leyen speaks during joint press conference with Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, Friday, Sept. 20, 2024. (AP Photo/Efrem Lukatsky)

Ukrainian President Volodymyr Zelenskyy, right, and European Commission President Ursula von der Leyen greet each other in Kyiv, Ukraine, Friday, Sept. 20, 2024. (AP Photo/Efrem Lukatsky)

President of the European Commission Ursula von der Leyen, center, visits a wall commemorating the fallen Ukrainian soldiers in the war with Russia, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission Ursula von der Leyen places a bouquet of flowers at a wall commemorating the fallen Ukrainian soldiers in the war with Russia, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission Ursula von der Leyen, left, walks past St. Michael's Monastery on her way to visit a memorial wall commemorating the fallen Ukrainian soldiers in the war with Russia, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission Ursula von der Leyen gets into a car after visiting a memorial wall commemorating the fallen Ukrainian soldiers in the war with Russia, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission Ursula von der Leyen, left, holds a bouquet of flowers to place at a wall commemorating the fallen Ukrainian soldiers in the war with Russia, in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission, Ursula von der Leyen arrives at the railway station in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission, Ursula von der Leyen, center, is greeted as she arrives at the railway station in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission, Ursula von der Leyen, left, is greeted as she arrives at the railway station in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

President of the European Commission, Ursula von der Leyen, left, is greeted as she arrives at the railway station in Kyiv, Ukraine, Friday, Sept. 20, 2024. (Christoph Soeder, Pool via AP)

NEW YORK (AP) — Activists geared up Friday for protests around the world to demand action on climate change just as a pair of major weeklong climate events were getting underway in New York City.

The actions in Berlin, Brussels, Rio de Janeiro, New Delhi and many other cities were being organized by the youth-led group Fridays for Future, and included the group's New York chapter, which planned a march across the Brooklyn Bridge followed by a rally that organizers hoped would attract at least 1,000 people. More protests were planned Saturday and Sunday.

New York is hosting Climate Week NYC, an annual event that promotes climate action, at the same time the U.N. General Assembly takes up the issue on several fronts, including raising trillions of dollars to aid poorer countries suffering the most from climate change.

In Berlin, dozens of people took to the streets although in fewer numbers than in previous years. Activists held up signs saying “Save the Climate” and “Coal is Over!” as they watched a gig put on outside the German Chancellor's Office. Protesters in London held up letters spelling out “Pay up," calling for the country to pay more to adapt to climate change and transition away from fossil fuels.

The New York protest wants to take aim at “the pillars of fossil fuels” — companies that pollute, banks that fund them, and leaders who are failing on climate, said Helen Mancini, an organizer and a senior at the city's Stuyvesant High School.

Youth climate protests started in August 2018 when Greta Thunberg, then an unknown 15-year-old, left school to stage a sit-down strike outside of the Swedish parliament to demand climate action and end fossil fuel use.

In the six years since Thunberg founded what became Fridays for Future, global carbon dioxide emissions from the burning of fossil fuels has increased by about 2.15%, according to Global Carbon Project, a group of scientists who monitor carbon pollution. The growth of emissions has slowed compared to previous decades and experts anticipate peaking soon, which is a far cry from the 43% reduction needed to keep temperature increases to an agreed-upon limit.

Since 2019, carbon dioxide emissions from coal have increased by nearly 1 billion tons (900 million metric tons), while natural gas emissions have increased slightly and oil pollution has dropped a tiny amount, according to the International Energy Agency. That growth has been driven by China, India and developing nations.

But emissions from advanced or industrialized economies have been falling and in 2023 were the lowest in more than 50 years, according to the IEA. Coal emissions in rich countries are down to levels seen around the year 1900 and the United Kingdom next month is set to shutter its last coal plant.

In the past five years, clean energy sources have grown twice as fast as fossil fuels, with both solar and wind individually growing faster than fossil fuel-based electricity, according to the IEA.

Since Thunberg started her protest six years ago, Earth has warmed more than half a degree Fahrenheit (0.29 degrees Celsius) with last year setting a record for the hottest year and this year poised to break that mark, according to the U.S. National Oceanic and Atmospheric Administration and the European climate agency Copernicus.

Associated Press journalist David Keyton in Berlin contributed to this report.

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

Protestors show posters as they take part in a Global Climate Strike protest of the Fridays For Future' movement near the chancellery in Berlin, Germany, Friday, Sept. 20, 2024. (AP Photo/Markus Schreiber)

Protestors show placards as they take part in a Global Climate Strike protest of the Fridays For Future' movement near the chancellery in Berlin, Germany, Friday, Sept. 20, 2024. (AP Photo/Markus Schreiber)

A demonstrator dressed in a Spiderman costume takes part in a march calling on the government to take stronger action to control fires in the country's Amazon region, in Lima, Peru, Wednesday, Sept. 18, 2024. (AP Photo/Guadalupe Pardo)

Demonstrators march calling on the government to take stronger action to control fires in the country's Amazon region, in Lima, Peru, Wednesday, Sept. 18, 2024. (AP Photo/Guadalupe Pardo)

FILE - Environmental activist Greta Thunberg shouts slogans during the Oily Money Out protest outside the Intercontinental Hotel, in London, Oct. 17, 2023. (AP Photo/Kin Cheung, File)

FILE - Environmental activists including Greta Thunberg, center left, marches with other demonstrators during the Oily Money Out protest at Canary Wharf, in London, Oct. 19, 2023. (AP Photo/Kin Cheung, File)

FILE - Climate activists attend a rally to end fossil fuels, in New York, Sept. 17, 2023. (AP Photo/Bryan Woolston, File)

A man works on a painting as he takes part in a Global Climate Strike protest of the Fridays For Future movement near the chancellery in Berlin, Germany, Friday, Sept. 20, 2024. (AP Photo/Markus Schreiber)

Protesters hold letters and shout during a global week of action for climate finance and a fossil free future protest in London, Friday, Sept. 20, 2024.(AP Photo/Frank Augstein)