Armenia a Renewable Energy Infrastructure Investment Committee and Fund,

Armenia strongly
encourages reducing oil dependency through firstly establishing a Renewable
Energy Infrastructure Investment Committee and Fund, which would be adopted by
willing member nations. The Fund would use appropriate taxation or other
monetary contributions to be placed in a Sustainable and Renewable
Infrastructure fund, incentivizing investment into development projects that
support long-term renewable energy reliance. This Fund would give a better
return to investors, and emphasize a real-world model for businesses to shift
away from using oil, since investors are able to profit from this scheme more
than they would from oil-based ventures. Education is also central to reducing
oil-dependency, and the Committee would focus on providing meaningful classes
and training that will create a willingness to pay for the movement away from
oil to renewable energy sources and creates a parallel between using renewable
energy and an increased quality of life. The Committee would also conduct a
detailed analysis for member countries wishing to assess various locations’
potential for supporting renewable energy sources. Armenia recommends implementing
procedures set by many municipalities across the global community emphasizing
community investment in renewable energy sources, where citizens have the option
to invest in a community solar array system, for example, by subscribing to buy
a portion of the solar generation. The generated energy is credited to the
citizen’s electricity bills in proportion to their investment, allowing for an
increase return on investment and providing strong incentives to invest in
renewable energy sources and assist the nation in moving away from
oil-dependency. With regards to countries dependent on oil exports, Armenia
emphasizes that macroeconomic stability and economic diversification reinforce
each other—countries with a diversified economy are more resilient to
unexpected change. Encouraging macroeconomic stability through appropriate
economic and financial policies to be implemented by these countries at their
discretion is a prerequisite for a sustainable non-oil sector. The public
sector of these countries relying on their oil exports should take measures to
allow private sector growth for a natural migration away from heavy
oil-dependency. Better employment opportunities in the public sector lead to a
skill mismatch between the two, only strengthening dependency on prominent oil
exports. Armenia encourages the private sector to invest in better training and
education to avoid this all-too common gap, and in turn, encourages the public
sector to focus on enabling private sector growth. In this regard, Armenia
supports both vertical and horizontal diversification—vertical diversification
focusing on where these countries have an immediate advantage, and horizontal
diversification focusing on expanding into new markets, sectors, or
technologies that otherwise would not have been emphasized by previous
government policies. Armenia looks forward to negotiating a solution to this
prominent problem in the global community.