Irish building materials company Kingspan is investing 200 million euros in the construction of a Building Technology Campus in Ukraine, according to a press release published on June 7.
"We created the Recovery Plan for Ukraine, and Kingspan’s project meets both the spirit and the goal of our plan,” the company announced.
“We invite the international business community to follow this example by withdrawing completely from Russia and relocating their businesses in Ukraine.”
The firm manufactures advanced insulation products and district heating solutions.
"These technologies are central to the urgent effort to decarbonize the global built environment, which is responsible for 39 per cent of all energy-related carbon emissions," the statement reads.
The campus is expected to be fully completed within five years. Kingspan has appointed a project team to determine a suitable location, probably in western Ukraine, and is liaising with the Ukrainian government.
The company noted that investment in the campus sits at the crossroads of three crises: climate, energy security, and the crisis caused by Russia's war against Ukraine.
"The new Building Technology Campus we are planning will make positive contributions on all three fronts, supporting Ukraine as it rebuilds its economy, meeting demand across central and Eastern Europe for energy efficient buildings, and helping Europe to reduce reliance on oil and gas imports," commented Kingspan Group CEO, Gene Murtagh, in Kyiv.
As of the end of May, 1,037 international companies have suspended their operations in Russia. Another 438 have abridged current deals and halted new investments, while 590 continue to operate in the Russian market.