Armenia’s participation in the Networks
Green Finance Networks operate at various levels and focus on a range of different stakeholders. There is overlap between the stakeholders participating in those networks and the output from these networks ranges from normative developments such as TCFD to more informal knowledge and experience exchanges for example in the Mainstreaming Climate Finance Network.
Not all of these networks are of equal relevance to all stakeholders, but it is nevertheless the case that all stakeholders in Armenia could at least benefit from participating in one or more of these networks in order to become more fully integrated into the development and emergence of new thinking and approaches towards green finance in international financial markets, both in the OECD and developing and transition economies.
Furthermore, in many of these networks there is representation from members of the development community, such as DFIs or even funding bodies such as the GCF or the GEF. Participation in the networks can therefore offer an opportunity to develop relationships with crucial partners who will be able to provide resource is to accelerate the shift towards green and sustainable finance in Armenia.
Armenia in the Networks
The government of Armenia as well as the regulator should therefore encourage active participation by Armenian financial institutions in these international networks in order to ensure that they benefit from access to the latest thinking on green and sustainable finance and develop strong partnerships with crucial partners in the development finance community.
The government and the regulator should consider also whether there are possible mechanisms that will make participation for Armenian financial institutions easier and less costly by for example providing for an in-country exchange mechanism so that not every financial institution will have to participate in all networks. In particular, considering the rather low capacity of Armenian financial institutions to act in the green and sustainable finance area it might be useful to consider such sharing arrangements.
The government and regulator should also strongly encourage the adoption of international standards by the private financial institutions