Armenia and EBRD sign sustainable energy memorandum of understanding
07.03.2012,
12:41
Olivier Descamps, Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia at the European Bank for Reconstruction and Development (EBRD) and Armen Movsissyan, the Minister of Energy and Natural Resources signed today a Memorandum of Understanding on a Sustainable Energy Action Plan for Armenia (SEAP).
YEREVAN, March 7. /ARKA/. Olivier Descamps, Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia at the European Bank for Reconstruction and Development (EBRD) and Armen Movsissyan, the Minister of Energy and Natural Resources signed today 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 and promote energy efficiency investments in various sectors of economy, such as power and energy, industry, agriculture, municipal and environmental infrastructure, property, as well as in the residential sector.
The Sustainable Energy Action Plan, developed jointly by the Ministry of Energy and Natural Resources and the EBRD, represents an important step forward in promoting the further development of Armenias energy sector and securing long term sustainable energy supplies.
A special focus will be given to the promotion of energy efficiency across industrial and residential sectors helping Armenian companies and
households to reduce their energy consumption and cost. This initiative can also assist Armenia to utilize its big potential for the development of the hydro power plants (HPPs).
The Sustainable Energy Action Plan for Armenia will assist the Armenian government in developing necessary legislation for energy efficiency investments and in developing financing initiatives to support investments in energy efficiency, renewable energy and possible carbon financing opportunities, said Olivier Descamps.
The EBRD is one of the largest investors in Armenia.
Since the beginning of its operations there in 1992, the EBRD has invested over 516 million in 106 projects in the countrys financial, corporate, energy and infrastructure sectors.-0-
