1. The Parties intend to facilitate long-term cooperation on climate change initiatives by pursuing joint activities that lead to reductions in net greenhouse gas emissions, in accordance with the UN Framework Convention on Climate Change (UNFCCC) and their respective national strategies and action plans, by promoting market-based approaches to climate change mitigation, and by improving the general understanding of climate change and appropriate response measures.

2. The Parties envisage the following activities under the Memorandum, supported, where appropriate, by technical and/or financial assistance provided on а tax-free basis under existing agreements:

2.1. Interaction between the national offices for joint implementation under the UNFCCC of each Party to exchange information on procedures, project criteria and methodologies and mechanisms for measuring and reporting greenhouse gas emissions reductions;

2.2. Encouragement of market-oriented diffusion of greenhouse gas mitigation technologies, including energy efficient, renewable energy, and zero-emissions technologies;

2.3. Support for the development of national systems of measurement and reporting of greenhouse gas emissions by sources and removals by sinks;

2.4. Promotion of joint activities, and other measures that encourage sustainable development and greenhouse gas mitigation among the private and public sectors and Ngos, by disseminating information on the Parties' national strategies through workshops, training programs, conferences and information networks;

2.5. Support at international fora for elaboration of market-based-mechanisms aimed at mitigating global emissions of greenhouse gases;

2.6. Cooperation to enhance understanding of and promote sequestration of atmospheric carbon through effective land use, land use change, and forestry activities;

2.7. Interaction and exchange of information in the areas of climate observation systems, climate behavior forecasting, evaluation of ecosystem and economic vulnerabilities, and development of adaptation and greenhouse gas emissions reduction strategies.

3. Activities and projects under this Memorandum should aim to:

3.1 .Reduce net greenhouse gas emissions and promote sustainable development;

3.2. Pro vide information concerning additional sources of project funding and the policy framework needed to facilitate the access to such funding sources;

3.3. Facilitate the exchange of information concerning business agreements, joint ventures, and licensing agreements, among companies in the Parties' countries'

4. The Parties intend that, in the event that any activity involves access to and the sharing or transfer of technology that is subject to patents or other intellectual property rights, such access and sharing or transfer should be provided, in accordance with the national legislation of each Party, on terms which recognize and are consistent with the adequate and effective protection of intellectual property rights.

5. Technical and financial assistance which the Government of the United States may provide in connection with projects contemplated by this Memorandum is assistance within the framework of the Agreement Between the Government of the United States of America and the Government of Ukraine Regarding Humanitarian and Technical Economic Cooperation which was signed on May 7, 1992.

6. The Parties intend to confer regularly on the progress of projects-and other activities that occur under this memorandum through the Sub-group on Climate Change, in consultation with other committees and entities of the U.s.- Ukraine Binational Commission, and other bodies, where appropriate.

7. This Memorandum may be amended in written form by mutual agreement between the Parties.

8. Activities under this Memorandum are expected to occur for five years from the date of signing unless one of the two Parties indicates, by providing six months advance notice, that it no longer intends to continue its cooperation.