Skopje, 29 October 2025 (MIA) – Every euro we invest today in energy efficiency and renewable sources is an investment in healthier communities, competitive businesses and strategic resilience for tomorrow, said the Minister of Energy, Mining and Mineral Resources, Sanja Bozhinovska at the opening of the session “Financing Energy Efficiency and Renewable Energy” held as part of the 14th International Forum on Energy for Sustainable Development (IFESD-14).

Improving energy efficiency and utilizing new generations of renewable energy, Bozhinovska noted, is key to ensuring an affordable and sustainable energy system in Macedonia.

“However, the financing gap remains, due both to legal and regulatory barriers, as well as risk assessments in the financial sector and limited project preparation capacity, especially for smaller projects. Many promising ideas do not reach financing, not because the technologies are unproven, but because the projects are too small, transaction costs are high, contracts are not standardized, or risks are not clearly allocated. Aggregation, standardized documentation, and predictable licensing can make a crucial difference,” Bozhinovska said.

Bozhinovska emphasized that the Ministry’s role is to ensure financing by offering regulatory and practical support, creating more predictable rules, and coordinating implementation across institutions.

“This involves harmonizing primary and secondary legislation on energy efficiency and renewables with EU law, streamlining licensing, clarifying grid connection procedures, implementing technical standards, and offering practical guidance to assist municipalities, public institutions, and businesses in obtaining funding for energy efficiency and renewable energy projects,” Bozhinovska stated.

Bozhinovska highlighted that when rules are clear and projects properly prepared, financing is accessible, outcomes can be tracked, energy is saved, renewable energy is installed, and air quality improves.

“Successful approaches can be replicated and expanded. In practical terms, this involves clear selection criteria, transparent reporting and verification, and open procurement processes. It also helps reduce energy poverty and enhances conditions in schools and hospitals,” she added.

“If we align policies, financing, and implementation,” Bozhinovska said, “we will not only meet the targets, but also build a cleaner, fairer, and more resilient energy system.”

At the opening of the session, United Nations Resident Coordinator in North Macedonia, Rita Columbia, underlined that financing is the key factor. “Even with the right tools and knowledge, resources are essential to replicate initiatives and reach the widest possible number of beneficiaries,” she stated.

“Today, global investment in renewable energy and energy-efficient infrastructure amounts to around $1.3 trillion, a record high. However, to achieve the 1.5-degree Celsius trajectory, this figure needs to quadruple. Yet, with every challenge, we become more creative, more innovative, and discover new technologies and mechanisms to reach our goals. During today’s session, we will also hear positive experiences from projects that secure funding for a sustainable energy transition and help achieve our objectives,” Columbia said.

The UN Resident Representative in North Macedonia, Armen Grigoryan, said at the opening of the session that accelerating the energy transition to sustainable systems is not only essential for achieving Global Goal 7, but also for addressing climate change, improving air quality, and supporting inclusive economic growth.

“Clearly, the environment and energy cannot be viewed separately. Yet, despite growing momentum, global financing for energy efficiency and renewable energy remains insufficient,” Grigoryan said.

According to Grigoryan, the main challenge for developing countries remains institutional barriers that limit the increase of financing and the institutional culture, while the key question is how to secure funding for a just and inclusive energy transition that leaves no one behind.

Photo: MIA