International lenders including the European Bank for Reconstruction and Development (EBRD) and the World Bank, are backing a 4 billion euro plan to wean Macedonia off coal-fired power. The deal, which is expected to be announced at the COP28 climate summit in Dubai beginning on November 30, will lay out a plan to close the country’s two coal power plants and replace them with 1.7 gigawatts of renewable energy, Reuters reports.
“Coal in North Macedonia represents 40% of the energy source, so it’s very big, it’s very important. This is one example of what we would like to showcase in COP, to present this approach and what it can deliver, and the commitment of the country,” EBRD President Odile Renaud-Basso told Reuters.
Dubbed the ‘Just Energy Transition Investment Program’, the plan follows similar efforts to retire coal plants more quickly in South Africa, Indonesia, Vietnam and Senegal, with the support of governments, public lenders and private investors.