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Serbia

27% of gross final energy consumption from renewable energy resources by 2020

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<p>The project aims to strengthen climate resilience in the Western Balkans, covering Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia, by fostering regional cooperation and innovation for climate adaptation. It supports locally led, scalable solutions addressing floods, droughts, and heatwaves, while promoting knowledge exchange, innovation finance, and inclusive participation. Through ecosystem-based and technology-driven approaches, it enhances livelihoods, ecosystems, and regional collaboration for long-term climate resilience.</p>

Strengthening capacities in Serbia to comply with the Enhanced Transparency Framework under the Paris Agreement - CBIT 2, by strengthening Serbia's Policy and Regulatory Framework for transparent climate change reporting, utilizing country-specific tools and data to enhance the Climate Change Transparency System, building institutional and individual capacities for transparent climate policy implementation, and improving Monitoring and Evaluation (M&E) and Knowledge Management practices.

Serbia is one of the most climate-vulnerable countries in the Balkan region. Climate change impacts such as rising temperatures, heatwaves, and climatic hazards are degrading Serbia's forests, compounded by unsustainable fuelwood extraction and outdated forest management practices. These challenges undermine adaptation and mitigation efforts, exacerbate poverty, and heighten energy insecurity, particularly for rural households reliant on fuelwood for heating. Addressing these issues is critical to achieving Serbia’s low-carbon development and climate resilience goals.

This project will promote sustainable, climate-adaptive forestry by fostering public-private collaboration, strengthening forest governance, and supporting vulnerable communities.

Climate-sensitive investments will enhance forest ecosystems, bolster energy security, and reduce carbon emissions, enabling Serbia to achieve its adaptation and mitigation goals while ensuring low-carbon development and resilient livelihoods. It will also facilitate private sector engagement and finance in adaptation and mitigation investments.

Key activities include increasing Serbia's capacity to manage forests sustainably with an emphasis on forest monitoring, carbon finance, and biomass energy efficiency; enhancing energy security and livelihoods by fostering climate-resilient forestry practices that increase carbon sinks and decarbonisation opportunities; and mobilising private sector investments to promote climate-adaptive forestry and decarbonisation strategies.

Mobilising private sector climate finance is an urgent priority to enable vulnerable countries to move towards a climate-resilient future rapidly.

This programme aims to achieve a systemic transformation of the financial sector in 13 countries by providing concessional financing for climate change mitigation and adaptation projects for small and medium enterprises, housing associations, municipalities, public utilities, and others.

Building upon Green Economy Financing Facility (FP025), it aims to leverage existing networks in each of the participating countries to develop climate-compatible financial systems, so that five per cent of banking sector assets, amounting to USD 180 billion, will be channeled to Paris-aligned pathways by the tenth year of programme implementation.

The programme comprises a lending envelope of USD 620 million for banks, microfinancing institutions and leasing companies, and a grant-funded technical assistance facility of USD 49 million to assist financial institutions with developing green transition plans. To foster gender-inclusive development and greater economic inclusion, the programme intends to commit at least 20 per cent of the loans to women or women-led businesses and 30 per cent to end borrowers outside the countries’ main cities.

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Serbia

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