On November 6 of this year, the RA Minister of Finance, Vahe Hovhannisyan, and the Permanent Representative of the UNDP in Armenia, Natia Natsvlishvili, signed an agreement on the implementation of the program titled "Reducing and Scaling-Up Investment Risks for Energy-Efficient Modernization of Buildings."
This program is implemented by the UNDP in Armenia with financing from the Green Climate Fund and under the coordination of the RA Ministry of Environment (2017-2026). It aims to systematically reduce greenhouse gas emissions by improving the energy efficiency of existing buildings in Armenia, thereby ensuring sustainable development benefits. Covering public and residential buildings, the program focuses on overcoming market barriers to create a favorable market environment and scalable business model for investments in energy-efficient modernization.
The agreement stipulates that progress in the energy efficiency of buildings in Armenia will be achieved through the co-financing of the energy-efficient modernization of at least 50 additional buildings. As part of this, the RA Ministry of Finance will act as an implementing partner, organizing and executing the financing of energy efficiency improvement measures during the renovation of buildings included in Annex 11 of the RA Government's Decree No. 2323-N of December 28, 2023, "On Measures Ensuring the Implementation of the 2024 State Budget." The corresponding payments from the UNDP will be made based on performance in accordance with the defined payment schedule.
