THE ROLE OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT IN PROMOTING AND FINANCING RENEWABLE ENERGY PROJECTS

Abstract

Abstract:
The countries of the European Union, unlike the Republic of North Macedonia and
the countries of Southeastern Europe, invest heavily in increasing the share of renewable
energy sources in total energy production, hence becoming world leaders in the production
of “clean” electricity. Therefore, the European Bank for Reconstruction and Development
aims to provide support to the economy and households in the Republic of North Macedonia
through loans and grants to increase the share of renewable energy sources, especially solar
energy, reduce dependence on electricity imports, as well as reducing coal energy production.
The Energy Strategy of the Republic of North Macedonia until 2040 defines the long-term
goals for the development of individual energy activities in order to ensure security in the
supply of different types of energy, while providing conditions and ways for environmental
protection and measures for realization of protection. The strategy relies on green growth and
offers solutions to tackle climate change, especially in the green scenario. The green scenario
envisages achieving the share of renewable energy sources up to 44% in 2040 in the total final
energy consumption. The role of the European Bank for Reconstruction and Development
in the promotion of renewable energy sources is indisputable, as well as achieving the goals
of the Energy Strategy and the green scenario, and the ultimate goal is nature protection and
greater energy efficiency.