Climate Civil Circulatory Investment Funds Established in Settlements of Armenia

Climate Civil Circulatory Investment Funds Established in Settlements of Armenia

Climate civil circulatory investment funds were established in 10 settlements of 4 regions in Armenia as an organizational and financial tool for combating climate change and adapting to climate change.

The funds were established in the settlements of Arevasogh, Lusaghbyur, Tchotchkan, Vardablur, Lernavan, Mets Parni, Verin Getashen in Gegharkunik Region and Ltchashen, Davit Bek in Syunik Region and Mayakovsky in Kotayk Region within the framework of “ RA INDC – introduction of financial mechanism in urban and rural communities" project.

The project was implemented by Khazer Ecological and Cultural NGO with the support of UNDP-GEF Small Grants Program.

Beneficiaries of these funds are all residents of the respective settlement. In parallel with the establishment of the fund and on the basis of the latter's applications, investment projects for energy saving (in Ltchashen village) and the use of renewable energy resources (solar energy) were introduced. One solar power plant project was implemented through "Arpa" environmental fund, which operates in Vayots Dzor Region.

"The innovative nature of all these projects lies in the fact that financial investments are made in the scheme of circular investments, when the incomes obtained from energy saving or solar energy are returned to the funds to be invested in the next projects," Aram Gabrielyan said, Expert at Khazer Ecological and Cultural NGO.

Aram Gabrielyan mentioned that Armenia has adopted an ecosystem approach to adapting to climate change. According to him, it is necessary to adopt RA Law "On Ecosystem Services" for this purpose.

May 16, 2023 at 12:17