International lenders, including the European Bank for Reconstruction and Development and the World Bank, will support a 4-billion-euro decarbonization plan in North Macedonia.
The agreement is expected to be announced at the COP28 climate talks in Dubai later in November and it involves a plan to shut down two coal-fired power plants in the country and replace them with 1.7 GW of renewable energy.
Coal in North Macedonia accounts for 40% of the energy sources. The program’s cost, equivalent to 2,000 euros for each of the 2 million inhabitants of the country, underscores the challenges faced by many small or low-income countries in financing the transition to cleaner energy.
