Subscribe to our newsletter

Supporting Investments in Renewables

With an awareness that ESG practices are still in their infancy, the North Macedonian Government is striving to maximally promote sustainability and encourage responsible business practices in the country.

It was with this in mind that it adopted the National Sustainable Development Strategy in 2020, the aim of which is to promote social, economic and environmental sustainability. The strategy includes targets for reducing greenhouse gas emissions, increasing the share of renewable energy in the energy mix and improving energy efficiency.

Aerial view of Samuel’s Fortress at Ohrid in North Macedonia

The government has also launched several initiatives to promote sustainable practices in the private sector, including the Green Finance Initiative, the aim of which is to promote green financing and investment, and the Programme to provide financial incentives to companies that invest in energy efficiency and renewable energy projects. The Macedonian Stock Exchange adopted the Corporate Governance Code at the end of 2021, which requires public companies to report on environmental and social issues in their annual reports, though not all companies have to date integrated ESG principles into their corporate culture.

Must Read