The declaration brings together partners to help the country mobilize investment, policy support and technical assistance to accelerate the energy transition and achieve its climate and development goals; global EIB (https://www.EIB.org) will help accelerate its implementation through improved technical support and financing; in 2023, the Bank has invested more than 100 million euros to support green projects in North Macedonia, while launch new technical assistance for sustainable finance.
At the COP28 climate conference, EIB Global, the arm of the European Investment Bank responsible for activities outside the European Union, signed a joint declaration on the Just Transition Investment Platform for Macedonia North. Initiated by the Government of North Macedonia with technical support from the European Bank for Reconstruction and Development (EBRD), the platform aims to help mobilize up to €3 billion in investment and policy assistance and technical to accelerate the country’s energy transition and the deployment of 1.7 GW of new renewable energy capacity until 2030, as well as network and storage infrastructure. The support program is designed to ensure positive outcomes of the green transition, while protecting jobs and livelihoods of affected communities.
Thomas Östros, Vice-President of the EIB said: “We welcome the launch of this platform which is fully in line with the EIB Group’s climate bank roadmap and our ambitions to support a just transition and just resilience beyond the European Union . As a member of the European Commission’s Coal Regions in Transition initiative for the Western Balkans and Ukraine, North Macedonia can benefit from technical support for the preparation of strategies and programs facilitating sustainable transition coal. Now, through BEI Global’s expanded local teams in the Western Balkans, we plan to contribute to the implementation of the platform and help North Macedonia achieve its ambitious climate goals.
The declaration was signed by Macedonian Minister of Economy Kreshnik Bekteshi, EBRD President Odile Renaud-Basso, EIB Vice-President Thomas Östros and representatives of the Climate Investment Funds, Cassa Depositi e Prestiti, of the Council of Europe Development Bank and KfW.
The President of the EBRD, Odile Renaud-Basso said: “We are very proud to be a partner of North Macedonia in this innovative country-led platform, which combines government commitment, international support and private financing to accelerate a just energy transition. We believe this is a model for strengthening climate finance, in North Macedonia, the Western Balkans and beyond, and we look forward to working closely with the government to support the realization of these high ambitions.
As a partner of the declaration, BEI Global aims to help North Macedonia achieve a rapid and fair transformation of its energy sector, while ensuring energy security. The Bank has significantly increased its engagement with government, utilities and the private sector to generate new projects in the areas of renewable energy, energy efficiency and energy infrastructure upgrades. These efforts resulted in the signing of more than 100 million euros of green investments for North Macedonia in 2023 and new technical assistance for sustainable projects.
Minister of Economy of North Macedonia Kreshnik Bekteshi said: “Our commitment to a just transition underlines our commitment to the principles of the Paris Agreement and represents an important step towards a more sustainable, more competitive and fairer future. We have made significant progress over the last year in taking the necessary steps towards the transition process, adopting the Just Transition Roadmap. We are very happy to see that our efforts and ambitions are recognized by the international community, and we are delighted to become the first country in Europe and one of the first two small countries to join the Transition Acceleration Program towards coal.
Distributed by APO Group on behalf of the European Investment Bank (EIB).
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The EIB at COP28
You can find an overview of the EIB’s activities at COP28 on our website (https://apo-opa.co/4a1UzsG). The EIB has a pavilion in the Blue Zone side events area and is organizing a series of events on many topics (full agenda here (https://apo-opa.co/3GpmrJI)). You are welcome to watch the sessions live or later at your convenience. The EIB also shares a pavilion with the Multilateral Development Banks Group (full agenda here (https://apo-opa.co/481ZS9D)).
About the EIB:
The European Investment Bank (EIB) is the European Union’s long-term lending institution owned by its member states. It provides long-term financing for wise investments to contribute to the EU’s policy objectives.
In 2019, the EIB’s updated energy lending policy was adopted to end financing of all fossil energy projects, including natural gas, making it the first multilateral development bank to do so.
In 2021, the EIB became the first MDB to align its financial activities with the Paris Agreement.
Thanks to its Climate Bank roadmap (https://apo-opa.co/4179bTu), the EIB Group aims to support €1 trillion of investments in climate action and environmental sustainability over the critical decade 2021-2030.
The EIB has committed to increasing its investments in climate action and environmental sustainability to more than 50% of its annual lending by 2025 – last year this figure was exceeded by 58%.
global EIB (https://apo-opa.co/46JP92G) is the specialist arm of the EIB Group dedicated to operations outside the EU and a key partner of the EU Global Gateway (https://apo-opa.co/3Nd1jdz) strategy. Our goal is to support at least €100 billion in investments by the end of 2027, around a third of Global Gateway’s overall goal. Within the Europe team, the global EIB fosters strong and targeted partnerships with other development finance institutions and civil society. EIB Global brings the Group closer to local communities, businesses and institutions through our offices around the world (https://apo-opa.co/3RasgzG). Website: www.EIB.org/press
About the EIB in North Macedonia:
The EIB has been active in the territory of North Macedonia since its establishment in 1991, providing financing to support key infrastructure projects, local authorities and small businesses. The EIB has provided €1.3 billion in financing to small businesses and transport, energy and utility infrastructure projects. It makes its technical and financial expertise available to its local partners through personalized advice and technical assistance. For more information on EIB projects in North Macedonia, visit the North Macedonia and EIB page (https://apo-opa.co/3TrVxsv).
About the EIB in the Western Balkans:
The EIB is one of the main international financiers in the Western Balkans. For detailed information on EIB activities in this region, visit https://apo-opa.co/3t26Axz.