The transition to a low-carbon economy presents both challenges and opportunities for innovation and economic diversification. In this context, our founder, Olimpija Hristova Zaevska, PhD, was featured in the Just Transition Finance Lab, discussing the process of drafting the Just Energy Transition Investment Plan for North Macedonia and mobilizing finance for reforms and energy technology investments.
The case study focused on how the world’s international climate funds and development banks can support countries in delivering a just transition. The national government worked with the Climate Investment Funds (CIF) and major MDBs such as the EBRD and the World Bank on a long-term just energy transition investment plan. This unlocked initial concessional CIF funding of $85 million, which in turn will leverage a further $591 million in MDB and other funding, as part of a total $3 billion in public and private financing through 2030.
The investment plan integrates just transition principles in terms of governance, stakeholder involvement, investment in people, regional revitalization, coal decommissioning, and renewable energy expansion. Importantly, it looks beyond immediate impacts on workers to the wider economic development of regions. A monitoring system with quantified just transition metrics is included.
Three insights stand out from the plan:
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The supreme importance of concessional capital and development finance to initiate long-term planning and investment.
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The behavioral dimensions of the transition, moving beyond skilling to building public trust in the opportunities skilling provides.
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The people component needs to be frontloaded, as communities must be prepared before executing technical activities.
The case study features insights from many of the people involved in shaping the plan, including representatives from international financial institutions, national policymakers, and civil society.
🔗 Read the full case study here
