Administrator Samantha Power at a CEO Roundtable on Ukrainian Energy

ADMINISTRATOR SAMANTHA POWER: Thank you so much, Ambassador. Thank you, President Zelenskyy for just giving us the chance to be with you, to hear from you. You know, these are, these are really difficult, dark times. They have been from day one with the invasion of Crimea in eastern Ukraine, and now full-scale invasion. And you have been like a beacon to so many of us. The gratitude is really ours to get to be a part of supporting you in whatever fashion we can.

Bernie [Mensah], huge thanks to you and to Bank of America for hosting us and for doing so much for Ukraine, and we'll hear more about that, but you've really blazed a trail that I think so many in the private sector are taking their cue from. This is the cause of our time, and we can never forget that.

Special thanks to Deputy Secretary [Rich] Verma. We could not be more fortunate that it is he who has stepped into Penny Pritzker's heels - and shoes. And for those of you who haven't worked closely with Rich before, I don't know how many have, but just his unique ability to build coalitions - political, multinational - and just to get things done when it matters and get things done in a hurry, he's an extraordinary public servant.

So, we all know that, that every year, every month, every part of winter, President Putin has tried to weaponize the cold and use civilian pain to bring about flight, as the President said, of civilians to neighboring countries. But also to cause people to lose their spirit, the spirit of freedom that has carried this conflict forward. So, he's hoping again, heading into this winter, that Mother Nature is going to work for him, and he's hopeful that the Ukrainian people, and the rest of us will tire of this cause. And I think we've come together today to make sure that he's wrong - that his bet is a flawed bet, as it has been up to this point.

Before I get in, very briefly, to USAID's investments and the appeals that I would make to the private sector leaders, those leaders here, just a little bit of context about USAID. Because I think for some of you, particularly those that we are already working with, we are viewed as primarily a procurer in support of Ukraine's energy needs. I'll come to that, but I just want to make sure all of you are aware that USAID has a dedicated energy team at the Embassy comprised of both American and Ukrainian staff. They, in turn, work with a team of more than 50 energy implementing partner staff who can help you make relevant connections on the ground, whether that's meeting key U.S. government officials and then, of course having them take it away, or Ukrainian business leaders. They can help you troubleshoot. You know, figuring out how you fit your capabilities with Ukraine's needs is really, really important. And in all honesty, sometimes our role is as basic as making sure that, actually, your company, doing work on the ground in whatever sector has the power generation that it needs, and just making sure that we're able to prioritize that so your resources flow in.

In terms of procurement, USAID spent $475 million last winter to help maintain and repair Ukraine's energy infrastructure. We procured auto transformers, which the President just spoke about, other specialized equipment to keep the grid running. Delivered thousands of tons of metal and concrete to try to provide cover and to protect sensitive equipment from attack, very much taking the cue from Ukrainian officials, identifying where they thought the greatest vulnerabilities were. We sent bucket trucks to repair downed power lines and supplied mobile boiler houses to heat schools and hospitals, recognizing that every parent's first priority, of course, is their kids.

This year, we are going to do more - because we have to. Because we know Putin is trying to do more, and we know that every month that goes on, resilience gets chipped away at just with the passage of time and people's resources running lower and lower. Obviously, the scale of need is dire, and so to help Ukraine get through this next winter, we have announced an additional $825 million in support for the energy sector. That is nearly twice as much as last year. We're already putting these resources to work, to make repairs, to add capacity, to again build those protections of critical infrastructure that the Ukrainian government identifies, and what Ukraine has been trailblazing on, which is integrating its grid with the European energy system. Which is just remarkable that they've done this in wartime - remarkable and necessary at the same time.

There is no higher priority at USAID or for the U.S. government than getting this right. My teams in Washington and Kyiv, and working with Assistant Secretary [Geoffrey] Pyatt and Department of Energy, all of us are working around the clock to leave no stone unturned and translate every one of those dollars into maximum heat, light, and power for the Ukrainian people.

I will say we know that every dollar is scrutinized by Congress, especially now. The last supplemental is very generous and very substantial, but took too long. We need to make sure that every contract and every procurement be absolutely impervious to accusations of corruption and waste. The reforms that have been taken so far, incredible, again, especially impressive in wartime, but there is more that needs to be done, and we can't lose focus on that now. Steady, transparent, and accountable leadership across the energy enterprise will make everybody's task a little bit easier here.

I would also note just how important it is for the Government of Ukraine to continue to improve its internal coordination, so that we who support you have a clear sense of how you are prioritizing. There are so many needs in the energy sector. So when you tell us: in this order, this is where the resources should flow, it makes all the difference - and I'm sure that's true in the private sector as well.

Beyond partnering with you, as with the U.S. government, I just want to say to the companies here today that many of you have already seen the business opportunity at hand - I think President Zelenskyy just spoke to that - what it will mean in the post-war period, in the reconstruction period, with the victory. But you know, rethinking how you measure and guard against risk with insurers, like AON and Marsh McLennan with us here today, working with the Development Finance Corporation. We know that this risk calculus is very challenging for you and your shareholders, but this is something again, we are all here, especially the Government of Ukraine, is here to partner with you, to think through.

Many of you are also setting an example through philanthropy. Bank of America seconded investment bankers to Ukraine's Ministry of Economy to provide capital markets expertise. This is just one example. Other leading American companies are providing laptops for school kids who are forced to learn remotely, or drones to help document war crimes. There are so many ways to help, and one is USAID's new "Light the Way" initiative. This is just the last word - which is helping gather and deploy rapid monetary assistance for the winter ahead. And Bernie, I hear you are going to announce Bank of America's contribution shortly - so thank you on that.

I come back to my point just about our team on the ground, all of us here, just to help do whatever we can to make sure you are connected with the right individuals in Ukraine, to move as quickly and as fulsomely as you can on this absolutely vital cause. Thank you.

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