A grant project of 20 million USD was signed


On July 7 the official signing ceremony of “De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits” project of the United Nations Development Programme and Green Climate Fund (UNDP-GCF) was held at the RA Ministry of Nature Protection.

The above mentioned project is the tenth one in the world financed by Green Climate Fund and the first project in the Eurasian region. The project was developed due to a close cooperation of the RA Ministry of Nature Protection, Yerevan municipality and other interested ministries; the GCF approved the project of 20 million USD grant.

RA Minister of Nature Protection Artsvik Minasyan and UN Resident Coordinator and UNDP Resident Representative for the Republic of Armenia Bradley Busetto signed the project document.

RA Minister of Nature Protection Artsvik Minasyan extended a vote of thanks to the project partners: Green Climate Fund, UNDP for launching this large-scale grant project.

“The start-up of this pivotal project fully enables us, as an executive ministry to focus on the project restart as well as similar programs addressed to environmental protection of the Republic of Armenia, as well as ensuring social, economic best achievements. I truly put a high value on the resources of Green Climate Fund directed to the crucial sphere of social life of our economy, which is considered one of the primary directions led by Prime Minister of GoA Karen Karapetyan”: RA Minister of Nature Protection Artsvik Minasyan stated, taking in that moreover, the President of the Republic of Armenia instructed to pinpoint grant projects in order transparency and efficiency become the guiding principles for us and the public envisages each project result processing being partly responsible for decision-making.

In turn, UN Resident Coordinator and UNDP Resident Representative to the Republic of Armenia Bradley Busetto attributed importance to the project meant for energy efficiency.

“By this project we respond to the question, why and how we may build-up the undertakings intended for increasing energy efficiency in urban communities, including the projects underway and are implemented in cooperation with our national partners. We gain another step by providing deeper collaboration with the municipalities with the objective of implementing “Sustainable Energy for All” global initiative of the United Nations General Assembly; the latter is regarded as the core pillar for sustainable development.

Closely cooperating with the RA Government and RA Ministry of Nature Protection, population welfare, energy poverty reduction, that impacts on over 30% of the population will benefit from the project fulfillment, meanwhile it will lead to energy independence of Armenia and will support for harmonizing international responsibilities under the Paris Agreement”: Bradley Busetto remarkably stressed in his speech. At the signing ceremony in attendance were First Deputy Mayor of Yerevan Karen Areyan, interested ministries and agencies, officers of international and non-governmental organizations.


“De-Risking and Scaling-up Investment in Energy Efficient Building Retrofits” meets resource efficiency and national priorities targeted at bolstering economic and energy independence of Armenia. The essential goal of the project is to decarbonize greenhouse gas (GHG) emissions from the existing building stock to be conducive for sustainable growth.

The project will focus on energy efficient retrofits of publically-owned and residential buildings, providing access to affordable energy costs for the most vulnerable households, creating a favorable market environment and scalable business model for investments.

Note, that 30 % of the population of Armenia is assessed as “energy poor”, whereas they spend more than 10 percent of their income on energy, at the same time about 24% of GHG emissions is produced from energy resources consumed in buildings.

To ensure nearly 50-60% energy savings, there is envisaged thermal insulation in buildings within the project scopes, therefore budget oriented savings; the investments will result in decreasing Carbon (CO2) dioxide emissions by 5.4 million tons /5.1/. In addition to financing of GCF, the project will allocate over 110 million USD to the private and public sector.

The project is based on the practice of UNDP: involvement of private sector, local authorities, other donors in energy supply, building planning and constructing, lightening sphere, energy efficiency blocks facing measures. UNDP negotiates with European Investment Bank (EIB), KFW Development Bank, French Development Agency and other local and international financial institutions to attract available credit resources for energy efficiency retrofits.

The project will be implemented along with the RA Ministry of Nature Protection closely collaborating with Yerevan municipality, other municipalities and other international and local partners. The project duration is six years.

People may get additional information via the following website:http://nature-ic.am/hy/projects