De-risking and Scaling-up Investment in Energy Efficient Building Retrofits in Armenia

Lead country


Participating countries


Project status

Under implementation

Implementing period

From July 7, 2017 to March 30, 2024

SDGs addressed by this project

SDG targets

  1. 7.3 Double global rate energy efficiency improvement
  2. 9.4 Upgrade infrastructure, retrofit industries for sustainability

Project ID: 5684

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Technical team

  • Energy Programme

Technical area(s)

  • Energy efficiency


  • Buildings


  • Human altered areas


  • Urban areas

Transformed sector(s)

  • Other sectors

UNDP role(s)

  • Capacity development / Technical assistance
  • Institutional mechanism and system building
  • Policy advice


  • Monitor inventory
  • Law regulation
  • Finance economy


  • Knowledge/Data management
  • Awareness raising
  • Technical capacity building
  • Laws/ Policy/ Plan formulation
  • Standards/ Labeling/ Guideline
  • Institutional framework
  • Energy finance

Social inclusion

  • Private sector

Gender equality


Gender result effectiveness scale



  • People pathway
  • Systems pathway
  • Sci-tech pathway

Risk reduction target(s)

  • Hazard control/mitigation

SDG target(s)

  • 7.3 Double global rate energy efficiency improvement
  • 9.4 Upgrade infrastructure, retrofit industries for sustainability

Conventions and protocols


Private sector(s)

  • Capital providers

Hot topic

  • Multi-stakeholder collaboration

About this project


Using an integrated suite of de-risking interventions, the Project seeks to systematically de-carbonise the existing building stock in Armenia to reduce greenhouse gas (GHG) emissions while achieving sustainable development benefits.


The project objective is to use an integrated suite of interventions to systematically de-carbonise the existing building stock to realise both energy savings and sustainable development benefits. The project will create a favourable market environment and scalable business model for investment in energy efficiency retrofits, leading to sizeable energy savings and accompanying GHG emission reductions (directly, 1.4 million tCO2 over the 20-year lifetime of the investments; including additional indirect savings, a total of between 4.2-4.4 tCO2eq). It will also catalyse additional private and public sector financing of approximately US$ 100 million.

USD $20,000,000

Grant amount

USD $96,070,000

Leveraged amount (co-financing)


Source(s) of fund

Sources of fund


  • Green Climate Fund Common ($20,000,000)

Implementing partner(s)

  • Ministry of Nature Protection of Republic of Armenia

Project metrics

Related resources

Geospatial information

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Project reports and documentation