On July 7, 2017, the official signing ceremony of the United Nations Development Programme – Green Climate Fund (UNDP-GCF) “De-risking and Scaling-up Investment in Energy Efficient Retrofits” project took place (watch in Armenian).
The project is the 10th signed by the GCF globally and the first one in the Eurasian region. It is developed by UNDP Armenia in close cooperation with the Ministry of Nature Protection, Yerevan Municipality and other stakeholder ministries in the grant amount of USD 20 million.
The Project document was signed by Bradley Busetto, UN Resident Coordinator, UNDP Resident Representative in Armenia and Artsvik Minasyan, RA Minister of Nature Protection. The ceremony was also attended by the Yerevan First Deputy Mayor Kamo Areyan, as well as representatives of stakeholder ministries and agencies, international and non-governmental organizations.
“De-risking and Scaling-up Investment in Energy Efficient Retrofits” project is targeted at energy efficiennt modernization of of the both public and multi-apartment buildings, ensuring the cost efficiency of more vulnerable households, as well as creating favorable market environment for investments and establishment of a large-scale business model.
It is worth mentioning that 30 percent of Armenia’s population is considered “energy poor,” spending more than 10 percent of the family budget on the energy bills. At the same time, about 25 percent of the total greenhouse gas emissions is from the energy consumption in the buildings.
Within the Project, it is envisaged to ensure about 50-60 percent energy saving through buildings insulation, thus resulting in budget savings. The investments throughout the 20 years will bring to the reduction of emissions from 5.1-5.4 million ton CO2. In addition to the GCF funding, the project will attract funds worth USD 110 million from the private and public sector.
The project will be implemented jointly with the RA Ministry of Nature Protection, in close cooperation with Yerevan Municipality, other municipalities, as well as international and local partners. The duration of the project is six years.