Ukraine needs stable principles of doing business — Vasyl Khmelnytsky, founder of UFuture

1 June, 2020 UFUTURE

In developing countries, issues of sustainable progress usually take a back seat. The reasons for this are the unstable economic situation and the low level of welfare of the population — problems that need the most attention and urgent solution. Vasyl Khmelnytsky, the founder of the UFuture holding company, spoke about the prospects of living in the principles of sustainable development in Ukrainian business and how ESG solutions (environmental, social and governance sustainability) help to increase the value of the company in the eyes of international investors.

Entrepreneur shares the main insights on the implementation of the principles of sustainable development in Ukraine:

Each of us will benefit from the introduction of sustainable development practices: the duration and quality of life will increase. This principle is beneficial to all.
UFuture strives to implement the principles of sustainable development in all its companies; there are several areas that are already fully compliant with ESG principles: in particular, K.Fund develops numerous educational projects, UDP Renewables develops renewable energy sources, and offices sort garbage.
Does this increase the efficiency of companies? Certainly. For example, by implementing LEAN technologies everywhere in our businesses, we minimize resource costs.
UFuture offers portfolio companies not only financial support but access to non-financial documentation so that managers can see how we work on sustainable development programs and have the opportunity to transform their practices. Making non-financial reports is a global trend.
It is necessary to stimulate the introduction of ESG principles in order to accelerate changes in Ukrainian companies. For example, as in Poland: if your business works according to this philosophy, you can get cheap loans.
International investors are more willing to join companies that work on the principles of sustainable development. Such companies are more expensive. Many companies are willing to use only offices that have green certification.
Among the development priorities for the coming years are the creation of buildings only in accordance with environmental standards, the development of solar energy, and waste sorting. Our task is to improve the lives of future generations and we are already working on that.

Read more about the benefits of the ESG approach in Vasyl Khmelnytsky’s interview for NV: “10 main questions about sustainable development. Interview with Vasyl Khmelnytsky, founder of UFuture”.