ACCELERATING GREEN FINANCE IN NORTH MACEDONIA: Introducing the Green Financing Facility
IOM has been addressing the links between climate change, environment, and migration for 30 years, collaborating with governments and communities globally to better prepare for the effects of climate change and minimize its negative impacts.
Green Finance Facility (GFF) project is Joint UN Programme being implemented by UNOP North Macedonia as the lead agency, together with IOM North Macedonia and UNECE as other participating UN organizations. The Government of the Republic of North Macedonia will provide co-funding to GFF in the amount of 800,000.00 USD. EBRD and the private sector (local banks) will be included in the implementation of this project.
By developing and оperationalizing the Green Finance Facility project access to finance for SMEs and households to purchase renewable energy (RE) and energy efficient (EE) investments will be significantly enhanced. Doing so will enable the accelerated adoption of these solutions and further lead to a decreased reliance on non-renewable (coal-based) energy production, better energy efficiency solutions and practices in businesses, and reduced energy consumption. The net effect is a reduction in greenhouse gas emissions and contributions to air pollution. Implementing this solution will create a new paradigm in North Macedonia, and eventually across the Western Balkans, in which the whole ecosystem of banks, product vendors, and service providers is stimulated to work together with various stakeholders to ensure required financial and technical support that accelerates the transition to RE and EE solutions and enhances local innovation.
The Joint SOG Fund supports countries to accelerate their progress towards the Sustainable Development Goals (SDGs) and to deliver on the commitment of the 2030 Agenda to leave no one behind.