Colenco Ltd, Skopje Secures EBRD-Funded Project for ESM’s Decarbonisation

Colenco Ltd, Skopje, is proud to announce its participation as a Consortium Partner of DNV Energy Systems Germany GmbH on a project funded by the European Bank for Reconstruction and Development (EBRD).

The project’s mission is to develop a Decarbonisation Plan and a Corporate Climate Governance (CCG) Programme for Elektrani na Severna Makedonija (ESM), North Macedonia’s state-owned power utility.

Project objectives :

Develop a comprehensive decarbonisation plan with actionable medium- and long-term strategies.

Enable ESM to screen investment projects against climate mitigation criteria.

Conduct a high-level Corporate Climate Governance gap assessment.

Develop a robust CCG action programme.

Benchmark advanced CCG milestones, focusing on physical climate risks.

Prepare an initial TCFD disclosure for public release.

Support the Energy Transition :

This project will support ESM in aligning its operations with the Paris Agreement, strengthening its corporate governance, and embedding climate resilience into its business strategy.

It also contributes to broader international efforts toward sustainable finance and climate transparency, including the initiatives of the Task Force on Climate-related Financial Disclosures (TCFD), the Network for Greening the Financial System (NGFS), and the EU Sustainable Finance Action Plan.

Collaboration and Continuity :

Colenco will work closely with ESM and the consulting team updating the National Energy and Climate Plan (NECEP) to ensure synergy and successful project implementation.

This initiative builds on Colenco’s recent Scoping Study for grid investments, storage needs, and power plant repurposing in the Southwest and Pelagonia regions.

Colenco Ltd remains committed to driving North Macedonia’s clean energy transition and advancing sustainable development across the region.