The article is devoted to the problem of increasing the efficiency of using energy resources of enterprises of the pulp and paper industry in Ukraine. Its solution will contribute to achieving the goals of sustainable development, reducing the energy and carbon intensity of the Ukrainian economy, and implementing the principles of the European Green Deal. It has been determined that the pulp and paper industry belongs to energy-intensive types of economic activity. The rate of use of energy resources here exceeds the rate of growth in the production of paper and cardboard. Based on the results of the correlation and regression analysis, a connection was revealed and an economic and mathematical model was formed of the dependence of energy costs for the production of 1 ton of paper on the productivity of paper machines, equipment wear and the volume of investments in energy saving measures. Application of the proposed model will improve information support for the analysis of the effectiveness of energy saving measures, forecasting energy costs and strategic energy management in general. The results of the analysis indicate that the pulp and paper industry with a powerful raw material base of Ukraine in terms of the use of renewable energy sources significantly lags behind the similar industry in developed foreign countries. The main obstacles to replacing fossil fuels with biomass in heat production were identified. This made it possible to develop a scientific and organizational model for the energy modernization of enterprises in the pulp and paper industry. It includes financial and economic, organizational, environmental, regulatory, technological and educational (personnel) and other tools. Their application at different levels of management will help improve the financial and market infrastructure of enterprises in terms of the use of renewable energy resources, as well as enhance their energy independence.