Greece – North Macedonia gas interconnector update
Briefing | 19 November 2024
In April 2024, the Board of Directors at the European Bank for Reconstruction and Development approved a EUR 98 million loan for the ‘Regional Gasification Project’ in North Macedonia. Six months after the EBRD’s approval, major holes remain in the Bank’s rationale for supporting the project.
This briefing takes an updated look at the project and concludes that the arguments in favour of the project are still not supported by convincing evidence and that the claimed benefits are highly unlikely to materialise.
Although the loan has been approved and signed, the European Bank for Reconstruction and Development and European Investment Bank must cancel their involvement in the project and instead support North Macedonia to continue its solar and wind expansion, ensure its electricity grid is fit for the task, realise its energy savings potential, and increase the use of heat pumps, geothermal and solar thermal for heating.
Theme: Fossil gas | Development banks
Location: Greece | North Macedonia
Project: Fossil gas
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