Multilateral lender approves $85 million investment for North Macedonia CFPP transition
![Multilateral lender approves $85 million investment for North Macedonia CFPP transition](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/03/16964.jpg)
The Climate Investment Funds (CIF), a multilateral lender, announced on Wednesday its approval of an $85 million investment aimed at assisting North Macedonia in transitioning away from coal-fired power plants (CFPP) towards renewable energy sources.
This investment, a component of the country’s Just Energy Transition Investment Platform, was initially disclosed by Reuters last year and officially launched during the COP28 climate talks in Dubai.
It is projected to enable North Macedonia to completely phase out the use of coal, a significant contributor to climate change, by 2030.
The strategy is anticipated to attract a minimum of $591 million in funding from various lenders, such as the European Bank for Reconstruction and Development (EBRD), the World Bank Group, and both public and private sector entities.
Also read: Japan initiates testing of ammonia-coal mix to reduce emissions from CFPPs
The CIF funding will be directed through its $2.2 billion Accelerating Coal Transition (ACT) investment program, a collaborative platform providing concessional finance to support middle-income countries in transitioning away from fossil fuels.
“The program will help unlock investment at scale for Macedonian clean energy, infrastructure and human capital, with powerful demonstration effects for our economy,” Macedonia’s Prime Minister Talat Xhaferi said.
“This pioneering plan marks a milestone for CIF’s Accelerating Coal Transition investment program. To deliver for climate, we need a rapid and just transition away from coal,” said CIF Chief Executive Tariye Gbadegesin.
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