On 15 March 2023, the GEFF in Armenia team and the Armenia Renewable Resources and Energy Efficiency Fund (R2E2 Fund) held a joint event on the topic of environmental sustainability titled “Circular Economy – Benefits and Opportunities for Local Businesses”.
Circular Economy is a production and consumption model by which existing materials and products are shared, leased, reused, repaired, refurbished and recycled, in order to extend the life cycle of products to the greatest extent possible. In practice, waste is reduced to a minimum, costs are saved, competitiveness is increased, and negative environmental impact is reduced.
The purpose of the event was to provide first-hand information on this important topic. Furthermore, Circular Economy trends and best practices were shared, and participants were introduced to technologies that enable businesses to minimise waste and optimise their use of resources and materials by keeping them in use for as long as possible through their reusability and recyclability.
“As local greenhouse gas emissions are mainly caused by resource extraction and processing, the further development and implementation of targeted Circular Economy activities can make a substantial contribution to achieving Armenian climate targets.” says Gernot Kuhlisch, Project Manager of the GEFF Caucasus.
The EBRD recognises the significant need for investments in energy sustainability in its countries of operation and has developed a financing facility dedicated explicitly to small-scale and medium-sized energy efficiency, renewable energy, and climate adaptation investment projects. However, as mentioned by the EBRD’s representative, Varduhi Chilingaryan: “Finance alone often cannot meet the challenges that enterprises face. Businesses also need access to know-how, networks, and skills to help them innovate and succeed.” By engaging local businesses, many of the barriers that prevent them from identifying and implementing relevant investment opportunities can be overcome.
The event that took place in Yerevan and was attended by more than 50 decision makers from all over the country and included representatives from local businesses, financial institutions, NGOs, the Ministry of Energy Infrastructures and Natural Resources of the RA, and others.