Armenia will receive a $20 million grant from the Green Climate Fund (GCF) for improving energy efficiency of buildings. The project called ‘De- Risking and Scaling-up Investment in Energy Efficient Building Retrofits” was developed and presented by UNDP as an accredited implementing entity to the Fund, Armenian nature protection minister Artsvik Minasyan said today.
He said the project will contribute to creating favorable conditions for energy efficiency investments in public and private buildings of Armenia and will be implemented in partnership with Yerevan Municipality and UNDP. “The program is aimed at reducing the amount of greenhouse gases emitted into the atmosphere. The CO2 emissions is to be reduced by 250 thousand tons, and energy costs of households by 14-20%. People will be able to channel the saved means into increasing their welfare,’ Artsvik Minasyan said. The program is designed for six years. According to the minister, the project will primarily embrace multi-story residential and public buildings.
“Now households spend 25% of the family budget on electricity. They will be able to save some of this amount and use it for other purposes,’ Minasyan said. The GCF is a unique global platform that responds to climate change by investing in low-emission and climate-resilient development. The GCF was established by 194 governments to limit or reduce greenhouse gas emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. The GCF is accountable to the United Nations.
