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North Macedonia needs to secure 6.4 billion dollars in investments over the next decade to address the impacts of climate change, experts from the World Bank warn. Without action, the country could face economic losses of up to 4% of its GDP by 2050. In the past two decades, extreme weather events like floods and heat waves have caused 667 million dollars in damages.
To meet the European Union's climate goals by 2050, North Macedonia must develop 6.9 GW of renewable energy capacity and electrify its transport sector so that 90% of passenger cars are electric. Improvements in energy efficiency could lead to annual energy savings of 36%.
Additionally, introducing carbon pricing and removing coal subsidies could generate up to 730 million euros annually for adaptation and mitigation efforts while protecting vulnerable households.
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