Olivier Descamps, EBRD’s Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia, and Armen Movsissyan, RA Minister of Energy and Natural Resources, today signed a Memorandum of Understanding on a Sustainable Energy Action Plan for Armenia (SEAP).

This initiative aims to assist Armenia in reducing the energy intensity of its economy. It also promotes energy efficiency investments in a wide range of national economy sectors, including power and energy, industry, agriculture, municipal and environmental infrastructure, property as well as the residential sector.

“The Sustainable Energy Action Plan for Armenia will assist the Armenian government in developing necessary legislation for energy efficiency investments. This will lead to financing initiatives in support of investments in energy efficiency, renewable energy and possible carbon financing opportunities”, said Olivier Descamps.

The new plan focuses on the promotion of energy efficiency across industrial and residential sectors, helping Armenian companies and households to considerably reduce their energy consumption and costs. This initiative also assists Armenia to use its significant potential for the development of hydro power plants (HPPs), which remains untapped due to the constrained financial environment.