North Macedonia secures $85 million for coal phase-out

North Macedonia

SKOPJE, March 20, 2024 – North Macedonia has secured USD 85 million for its transition away from coal from Climate Investment Funds (CIF), the lender announced on Wednesday.

The country aims to fully phase out coal by 2030.

The investment plan was developed by the North Macedonian government and approved by CIF. It is considered the initial funding window of the country’s Just Energy Transition Investment Platform launched at COP28 in Dubai.

North Macedonia’s energy mix is dominated by imports and electricity generated by its two coal-fired power plants, Bitola and Oslomei.

The plants have a combined capacity of 824 MW and together emit around 2.7 million tonnes of CO2 per year, CIF said, as well as emitting S02 and dust.

CIF is a multilateral climate fund delivering low-cost finance to more than 70 developing countries.

Its funding of the coal phase-out in North Macedonia is part of the USD 2.2-billion Accelerating Coal Transition programme it manages.

PM2.5 hotspot Skopje consistently ranks among the most polluted capital cities in Europe.