At the Climate Ambition Summit, President Armen Sarkissian has offered a new approach to developed and developing countries with financial issues as a result of climate change through the Debt-For-Climate Swap

President Armen Sarkissian delivered a video message within the framework of Climate Ambition Summit on climate changes.

Co-convened by the UN, the United Kingdom and France in partnership with Chile and Italy the virtual summit unites heads of states, business and civil society leaders, ready to undertake new commitments in the fight against climate changes and fulfillment of the Paris Agreement.

In his statement, President of the Republic Armen Sarkissian proposed the new approach Debt- for-Climate Swap, addressed to developed and developing countries with financial issues as a result of climate change.

The idea is how by making countries greener to have a greener world and to be out of debts.

“This idea of potential scalability for different countries offers to leverage additional finance into climate action,” said President Sarkissian, “These funds could be redirected towards timely and efficient fulfillment of commitments taken under the given country’s NDC.”

In particular, President Sarkissian noted that at challenging times for Armenia, declaration of more ambitious climate goals is also an opportunity to re-think the whole economic and national development pattern and accelerate actions towards transition to a more sustainable and low-carbon economy. He emphasized that Armenia’s vision rests on the ecosystem approach, forestation at scale, investments in renewable energy and energy efficiency. “We target 15 % of solar energy share in total energy production by 2030, and the share of the zero-emission power generation in the total will come close to 54%,” said President Armen Sarkissian.

The Climate Ambition Summit also featured statements by UN Secretary General António Guterres, British Prime Minister Boris Johnson, French President Emmanuel Macron, Chilean President Sebastian Piñera, Italian Prime Minister Giuseppe Conte, and other heads of state and government.