De-Risking Investments in North Macedonia: Renewable Energy Finance and Policy Focusing on Power, Heating and Cooling

With a share of renewable energy in electricity production of almost 25% in 2018, mainly from hydropower, the Republic of North Macedonia is aiming to increase the share of renewable energy in electricity production to 66% by 2030 in its enhanced NDC which was submitted in April 2021. In this context, IRENA developed a report “De-risking the Macedonian enhanced NDC Renewable energy finance and policy landscape focusing on power, heating and cooling” under the UNDP Climate Promise cooperation framework to support the Republic of North Macedonia to accelerate the development and  implementation of its enhanced Nationally Determined Contributions to Climate Change (NDCs).

The report analyses the current renewable energy finance and policy landscape in the Republic of North Macedonia, identifies specific barriers and associated risks which can hold back private-sector investment in renewable energy, and provides recommendations on policy frameworks and financial de-risking instruments to scale up renewable energy investments.

The key findings of the report were presented in a webinar organised by IRENA, the Ministry of Environment and Spatial Planning, the Ministry of Economy and the UNDP.

This event was targeted at governmental institutions relevant to the energy transition, including from energy, environment, industry, and labour. It also targeted at academia and financing institutions. Overall, the event was intended to support the Republic of North Macedonia accelerate the implementation of its ambitious enhanced NDCs.