Armenia to address energy efficiency in buildings through a USD 20 million grantJul 1, 2016
Eight new public sector project proposals have been discussed at the thirteenth meeting of the Green Climate Fund (GCF) Board in Songdo, Republic of Korea. On June 29th the Board approved a USD 20 million grant proposal from Armenia, “De Risking and Scaling-up Investment in Energy Efficient Building Retrofits”, developed and presented by UNDP as an accredited implementing entity to the Fund.
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. The proposal from Armenia is the first project to be approved by the Board from Central and Eastern Europe. At the stege of implementation UNDP Armenia will ensure gender responsive and equitable design and implementation of respectful policies and procedures.
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. Given the urgency and seriousness of this challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change.
The GCF is accountable to the United Nations. It is guided by the principles and provisions of the UN Framework Convention on Climate Change (UNFCCC) and it is governed by a board of 24 members, comprising an equal number of members from developing and developed countries.
The Green Climate Fund is the only stand-alone multilateral financing entity whose sole mandate is to serve the Convention and that aims to deliver equal amounts of funding to mitigation and adaptation.