Yerevan, Armenia – 15 October 2025 – The United Nations Development Programme (UNDP) in Armenia presented the findings of two landmark studies produced under the “De-risking and Scaling-up Investment in Energy Efficient Building Retrofits” project, funded by the Green Climate Fund (GCF). The studies were conducted by Civitta AM.

The event brought together representatives of the Government of Armenia, financial institutions, local authorities, and international partners to discuss the results of the studies on “Residential Buildings Energy Efficiency Financing” and “Local Self-Governments’ Capacities in Developing Energy Efficiency Retrofitting Projects for Public Buildings.”

The key objectives of the studies are to assess the capacity of Armenian banks and relevant financial institutions to develop and market products for energy efficiency (EE) retrofits in individual houses and multi-apartment residential buildings (MABs) and evaluate the capacities of local self-government bodies (LSGs) on development of energy efficient retrofit projects for public buildings and reveal the needs of capacity building.

Opening remarks were delivered by Mr. Konstantin Sokulskiy, UNDP Deputy Resident Representative in Armenia, and Mr. Ashot Giloyan, Head of the Local Self-Government Policy Department at the RA Ministry of Territorial Administration and Infrastructure, who both highlighted the crucial role of energy efficiency in Armenia’s sustainable development and local resilience.

“Energy efficiency is not only about reducing emissions—it is about improving quality of life and building resilience at the community level,” noted Konstantin Sokulskiy, UNDP Deputy Resident Representative. “Through evidence-based analysis and strong national partnerships, Armenia can continue to lead by example in sustainable energy transitions,” he added.

The studies were conducted  during Spring–Summer 2025, which included combined focus groups, structured and semi-structured interviews, and online surveys. Data were collected from over 30 representatives of 14 financial institutions - covering more than 70 percent of Armenia’s loan portfolio, and from 20 LSGs across the country.

Financial Institutions: The assessment revealed growing interest among Armenian banks and financial institutions in developing green and EE products. However, the scaling up of financing for large-scale residential retrofits - particularly in MABs - faces several barriers, including limited tailored products, regulatory and institutional challenges, and low public awareness.

LSGs: Local authorities expressed strong commitment to integrating EE measures to improve community well-being and reduce energy costs. Yet, the analysis highlighted persistent gaps in technical expertise, financial planning, and strategic energy management that limit their ability to design and implement EE projects effectively.

Following the presentation of the findings, experts and stakeholders engaged in a lively discussion on practical solutions to overcome identified challenges. The dialogue focused on strengthening local capacities, aligning financial instruments with market needs, and mobilizing available resources to accelerate EE building retrofits across Armenia.

This initiative marks another important step in UNDP’s ongoing efforts to promote green, inclusive, and sustainable development, empowering communities and financial institutions to advance Armenia’s low-emission future.