YEREVAN, March 10. /ARKA/. The Central Bank of Armenia published its “Sustainability Report 2025,” presenting approaches to sustainable development in the context of financial stability.
It focuses on risk management, climate factors, data, technology, and the development of sustainable/green finance instruments.
The document also outlines specific steps for the banking system, scheduled for 2026.
Essentially, the Central Bank is moving from a general concept to an applied infrastructure. The report demonstrates that the regulator is strengthening international cooperation, promoting institutional solutions in the area of sustainability, and laying the groundwork for a more formalized approach to this topic in the banking sector. This means that sustainability is gradually becoming a working agenda, rather than a declarative one, for the Armenian financial market.
The most tangible result of this agenda is the scale of the sustainable finance market. According to the Central Bank’s estimates, based on available data and partner information, the total volume of sustainable finance in Armenia has reached $2.87 billion. Of this amount, approximately $2.5 billion, was accounted for by credit instruments. The most significant growth occurred in the last two years: in 2024, the market added $0.8 billion, and in 2025, another $0.7 billion.
These data indicate that sustainable finance in Armenia is still developing primarily through the credit channel, rather than the capital market.
The financing structure presented in the report includes agriculture, banking, energy, and infrastructure, with key external sources including the ADB, EBRD, EIB, IFC, and WBG. This indicates that the market has already developed through collaboration between banks and international financial institutions.
However, the sustainable bond segment is still in its infancy. The report includes data on green and sustainability-linked bond issues by Ameriabank, National Mortgage Company, Electric Networks of Armenia, and Telcell Armenia for 2020–2024. It provides issue volumes, par values, coupon rates/terms, listing platforms, and placement dates.
The report notes that the market assessment does not purport to provide comprehensive coverage of the entire sustainable finance sector: it is compiled based on available data and information obtained through partner engagement.
Therefore, the sustainable finance market in Armenia has already been established at a basic level and is now entering the next phase: standardization, taxonomy development, data accumulation, and the integration of climate risks into regulation.
