Macedonia unveiled a just energy transition investment platform at COP28, signifying a major shift toward a low-carbon electricity sector. Supported by the EBRD, this initiative aims to transform the nation’s energy landscape by phasing out coal-fired power, introducing renewable energy, and ensuring energy security.

The platform launch at COP28 garnered support from various international organizations, affirming their commitment to Macedonia’s ambitious goals. Minister of Economy Kreshnik Bekteshi outlined the platform’s objectives, emphasizing its focus on reducing emissions and fostering economic competitiveness.

This transition, estimated to require around €3 billion by 2030, primarily aims to attract private sector investments. The initiative intends to address regional economic diversification and support impacted communities through a Just Transition Roadmap.

EBRD President Odile Renaud-Basso highlighted the institution’s partnership with Macedonia, aiming to leverage their experience in climate finance for a successful energy transition. This initiative mirrors their work in other regions, showcasing a scalable model for climate finance.

In alignment with Macedonia’s commitment to a socially inclusive transition, the initiative prioritizes support for affected workers and communities, aiming to create new green jobs and local solutions.