Armenia`s Deputy Minister of Environment discussed prospects for green finance development in the country with World Bank partners.

ArmInfo. A meeting with World Bank partners and international experts, chaired by Deputy Minister Hayk Arakelyan, was held at the Ministry of Environment of Armenia to discuss the development of innovative financial instruments aimed at green finance and biodiversity conservation in Armenia.

According to the Ministry's press service, preliminary assessments and proposals for the development of green finance and green bonds in Armenia were presented during the meeting, and the market's readiness for these processes was analyzed. In this regard, the parties examined possible models of financial instruments for environmental protection, including ecosystem restoration, pasture conservation, agroforestry, water resource management, and protected area management.

The interlocutors also emphasized the importance of creating effective monitoring, reporting, and verification (MRV) systems for funded environmental programs and discussed the possibility of attracting international financial institutions and funds. "Furthermore, prospects for advancing the biodiversity financing agenda and international partnerships within the framework of the 17th Conference of the Parties to the UN Convention on Biological Diversity (COP17) were discussed. It was noted that COP17, which will be held in Armenia, will become an important platform for presenting and discussing new financial mechanisms and investment opportunities in environmental protection," the Ministry noted.

At the end of the meeting, the parties emphasized the importance of further developing cooperation with the World Bank and other international partners to develop a comprehensive environmental financing system in Armenia, attract public and private financial resources, and stimulate investments aimed at biodiversity conservation.

It is worth noting that since the beginning of its operations in Armenia in 1992, the World Bank has provided approximately $3 billion through IBRD, the International Development Association (IDA), and various trust funds.