Armenia stronglyencourages reducing oil dependency through firstly establishing a RenewableEnergy Infrastructure Investment Committee and Fund, which would be adopted bywilling member nations. The Fund would use appropriate taxation or othermonetary contributions to be placed in a Sustainable and RenewableInfrastructure fund, incentivizing investment into development projects thatsupport long-term renewable energy reliance. This Fund would give a betterreturn to investors, and emphasize a real-world model for businesses to shiftaway from using oil, since investors are able to profit from this scheme morethan they would from oil-based ventures. Education is also central to reducingoil-dependency, and the Committee would focus on providing meaningful classesand training that will create a willingness to pay for the movement away fromoil to renewable energy sources and creates a parallel between using renewableenergy and an increased quality of life. The Committee would also conduct adetailed analysis for member countries wishing to assess various locations’potential for supporting renewable energy sources. Armenia recommends implementingprocedures set by many municipalities across the global community emphasizingcommunity investment in renewable energy sources, where citizens have the optionto invest in a community solar array system, for example, by subscribing to buya portion of the solar generation. The generated energy is credited to thecitizen’s electricity bills in proportion to their investment, allowing for anincrease return on investment and providing strong incentives to invest inrenewable energy sources and assist the nation in moving away fromoil-dependency.
With regards to countries dependent on oil exports, Armeniaemphasizes that macroeconomic stability and economic diversification reinforceeach other—countries with a diversified economy are more resilient tounexpected change. Encouraging macroeconomic stability through appropriateeconomic and financial policies to be implemented by these countries at theirdiscretion is a prerequisite for a sustainable non-oil sector. The publicsector of these countries relying on their oil exports should take measures toallow private sector growth for a natural migration away from heavyoil-dependency. Better employment opportunities in the public sector lead to askill mismatch between the two, only strengthening dependency on prominent oilexports. Armenia encourages the private sector to invest in better training andeducation to avoid this all-too common gap, and in turn, encourages the publicsector to focus on enabling private sector growth.
In this regard, Armeniasupports both vertical and horizontal diversification—vertical diversificationfocusing on where these countries have an immediate advantage, and horizontaldiversification focusing on expanding into new markets, sectors, ortechnologies that otherwise would not have been emphasized by previousgovernment policies. Armenia looks forward to negotiating a solution to thisprominent problem in the global community.