COP28: North Macedonia launches just energy transition platform to mobilise €3bn

North Macedonia officially launched its just energy transition investment platform on December 3, which aims to mobilise up to €3bn in investments and technical assistance, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) announced.

This transformative initiative was unveiled at COP28, the climate summit in Dubai. The platform's primary objective is to guide North Macedonia's ambitious plans for a just and low-carbon transition within its electricity sector.

The ultimate goal is to expedite the country's energy transition and facilitate the deployment of 1.7 gigawatts (GW) in new renewable energy capacity by 2030, accompanied by essential grid and storage infrastructure.

The EBRD has been actively involved in supporting the government in developing this platform and will lead coordination efforts with various international partners.

The European Commission, Climate Investment Funds, World Bank, International Finance Corporation, the EIB, Kreditanstalt für Wiederaufbau, Council of Europe Development Bank, and Cassa Depositi e Prestiti have all confirmed their support for North Macedonia's aspirations and the successful implementation of the platform.

Additionally, various donor and philanthropic organisations are contributing to this collaborative effort.

The platform builds on the success of previous collaborations, notably with the Climate Investment Fund, which is considering providing up to $85mn in grants and concessional finance.

North Macedonia’s Economy Minister Kreshnik Bekteshi outlined the platform's objectives saying that the key focus areas include the complete phase-out of coal-fired power, the deployment of 1.7 GW of renewable energy by 2030, grid and storage investments for enhanced energy security, and just transition measures to support communities affected by this pivotal shift.

This initiative aligns with North Macedonia's existing commitment, as outlined in its Nationally Determined Contribution, to reduce net greenhouse gas emissions by 82% by 2030 compared to 1990 levels.

Given that the electricity sector historically accounted for over 40% of the country's emissions, transitioning away from coal is a crucial step in achieving this ambitious goal.

“We are very proud to be a partner of North Macedonia in this innovative country-led platform, which blends government commitment, international support and private finance to accelerate a just energy transition,” said the EBRD’s president Odile Renaud-Basso.