Meeting of the “De-risking and Scaling-up Investment in Energy Efficient Building Retrofits” UNDP–GCF Project Board

The Project Board of the United Nations Development Programme (UNDP) – Green Climate Fund (GCF) “De-risking and Scaling-up Investment in Energy Efficient Building Retrofits” project convened today in Yerevan to review progress achieved to date, discuss implementation challenges, and agree on the actions required for the smooth completion of the project.

Co-chaired by Ms. Natia Natsvlishvili, UNDP Resident Representative in Armenia, and Mr. Hambardzum Matevosyan, Minister of Environment of the Republic of Armenia, the meeting brought together representatives of national, implementing partners, and the UNDP project team.

The Project Board focused on accelerating implementation, strengthening financial mechanisms, and sustaining results beyond project completion.
“Tackling climate change requires strong and sustained partnerships,” said Natia Natsvlishvili, UNDP Resident Representative in Armenia. “This project shows how close cooperation between UNDP and the Government of Armenia translates climate commitments into real improvements in people’s daily lives. As we enter the final phase, maintaining momentum will be critical to maximizing long-term impact.”

She emphasized the importance of strong national ownership and coordination across institutions, noting that the progress achieved reflects effective collaboration at both national and local levels.
Particular attention was given to ensuring long-term impact through the institutionalization of key systems, including the Monitoring, Reporting and Verification (MRV) framework and the Energy Management Information System (EMIS), developed in close cooperation with national partners.

Hambardzum Matevosyan, Minister of Environment of the Republic of Armenia, highlighted the project’s strategic importance for Armenia’s climate and environmental agenda.
“This initiative delivers concrete environmental and socio-economic results by improving energy efficiency in buildings across the country,” he noted. “While challenges remain, our commitment to ensuring full implementation and long-term impact is clear.”

Since its launch, the project has delivered tangible climate and social benefits across Armenia, retrofitting 316 buildings nationwide, including 87 buildings in 2025 alone. These interventions have already reduced annual greenhouse gas emissions by nearly 21,000 tons of CO₂, with lifetime reductions projected at almost 420,000 tons. More than 400,000 people have benefited from improved energy efficiency — surpassing the project’s original targets.

Beyond environmental gains, the project has generated strong social outcomes. More than 90 percent of residents in retrofitted multi-apartment buildings report satisfaction with the improvements, and over 60 percent have experienced reduced energy costs. Public awareness of energy efficiency has also increased significantly, with more than half of the population now familiar with the concept.

As the project enters its final stage, with the closing conference planned for April 2026, the Board reaffirmed its commitment to close cooperation to ensure that results are sustained and that energy efficiency in buildings remains a national priority for Armenia’s sustainable development and climate action agenda.