EIB - European Investment Bank

12/03/2023 | Press release | Distributed by Public on 12/03/2023 08:16

North Macedonia: COP28 - EIB Global co-signs Joint Declaration on the Just Transition Investment Platform

  • The declaration brings together partners to help the country mobilise investments, policy support and technical assistance to accelerate the energy transition and meet its climate and development goals.
  • EIB Global will help accelerate its implementation through enhanced technical support and financing.
  • In 2023, the Bank has invested over €100 million to support green projects in North Macedonia, while initiating new technical assistance for sustainable finance.

At the COP28 climate conference, EIB Global, the arm of the European Investment Bank for activities outside the European Union, signed a Joint Declaration on the Just Transition Investment Platform for North Macedonia. Initiated by the Government of North Macedonia with technical support from the European Bank for Reconstruction and Development (EBRD), the platform aims to help mobilise up to €3 billion in investments and policy and technical assistance to accelerate the country's energy transition and the deployment of 1.7 GW in new renewable energy capacity until 2030, along with grid and storage infrastructure. The support package is designed to ensure the positive outcomes of the green transition, while protecting the jobs and livelihoods of affected communities.

EIB Vice-President Thomas Östros said:"We welcome the launch of this platform that is fully in line with the EIB Group 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 initiative for Coal Regions in Transition for the Western Balkans and Ukraine, North Macedonia is able to benefit from technical support for the preparation of strategies and programmes facilitating the sustainable transition from coal. Now, thanks to EIB Global's expanded local teams in the Western Balkans, we plan to contribute to the platform's implementation and help North Macedonia reach its ambitious climate goals."

The declaration was signed by the 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, the Council of Europe Development Bank and KfW.

EBRD President Odile Renaud-Basso said: "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. We believe this is a model of how climate finance can be scaled up, in North Macedonia, the Western Balkans and beyond, and we look forward to working closely with the government to support the delivery of these high ambitions."

As one of the partners of the declaration, EIB Global intends to support North Macedonia in achieving a rapid and just transformation of its energy sector, while ensuring energy security. The Bank has significantly stepped up its engagement with the government, public utilities and the private sector in order to generate new projects in renewable energy, energy efficiency and energy infrastructure upgrades. These efforts have resulted in over €100 million in green investments signed for North Macedonia in 2023 and new technical assistance for sustainable projects.

Minister of Economy of North Macedonia Kreshnik Bekteshi said: "Our commitment to the just transition underscores our dedication to the principles of the Paris Agreement and represents a significant stride towards a more sustainable, competitive and just future. We have made significant progress in the last year in terms of taking the necessary steps towards the transition process, adopting the Just Transition Roadmap. We are very pleased to see that our efforts and ambitions are being acknowledged by the international community, and are delighted to become the first country in Europe and one of the two first small countries to join the Accelerating Coal Transition programme."

Background information

EIB at COP28

You can find an overview of the EIB's activities at COP28 on our website. The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics (full agenda here). You are welcome to watch the sessions live or later at your convenience. The EIB is also sharing a pavilion with the group of multilateral development banks (full agenda here).

About the EIB

In 2019, the EIB's energy lending policy was adopted to end financing for any unabated fossil fuel energy projects, including natural gas, becoming the first multilateral development bank to do so.

In 2021, the EIB became the first multilateral development bank to align our financial activities with the Paris Agreement.

With its Climate Bank Roadmap the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.

The EIB has committed to increase investment in climate action and environmental sustainability to more than 50% of annual EIB lending by 2025 - last year that was exceeded with 58%.

EIB Global is the EIB Group's specialised arm devoted to operations outside the European Union, and a key partner of the EU Global Gateway strategy. We aim to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local communities, companies and institutions through our offices across the world.

About the EIB in North Macedonia

The EIB has been active in the territory of North Macedonia since its establishment in 1991, providing finance to support key infrastructure projects, local authorities and small businesses. The EIB has provided €1.3 billion of financing to small businesses and transport, energy and utility infrastructure projects. It makes its technical and financial expertise available to its local partners through tailored advice and technical assistance. For more information regarding the EIB's projects in North Macedonia, visit North Macedonia and the EIB.

About the EIB in the Western Balkans

The EIB is one of the leading international financiers in the Western Balkans.