According to the "Draft Economic Reform Plan 2022-2024" presented by the Balkan country, the total expenditure on energy and mining projects is 17 billion euros (about $19.17 billion), of which 12 billion euros (about $13.53 billion) has been allocated to wind, solar and hydropower projects. If all of the projects in the investment plan are implemented, the annual CO2 emissions that could be offset would be extremely significant.

In addition to the 66 MW Kostolac wind power plant under construction by state-owned power company Elektroprivreda Srbije (EPS), Serbia will build state-owned wind projects near Zabela and Kovin-Dubovac.

On the land owned by EPS, Serbia will develop about 300MW solar power projects with a total value of about €200 million (about 225.5 million USD). Fintel Energija will also develop the Maestrale Ring wind power plant in a public-private partnership. The total installed capacity of the state-owned wind power plant could be up to 3GW, with an investment of €3 billion (about $3.38 billion).

The Serbian government proposes to build solar power projects on 200,000 hectares of state-owned land, which could be developed with about 2GW of solar projects. As part of the plan, the Ministry of Mines and Energy signed a cooperation agreement with UGT Renewables. These power projects could generate 1 GWh of electricity per year, offsetting 1.9 million tons of CO₂ emissions.

The draft economic reform program states that 600 square kilometers of rooftop area has been identified for the installation of solar energy systems. With solar energy installed on just 10% of the rooftop area, the capacity could reach 6GW, accounting for 70% of Serbia's installed electricity capacity. Annual electricity generation would reach 7 TWh, or 20 percent of Serbia's total electricity generation.

According to the draft, the government's solar power project could bring in 6.2 billion euros (about $6.99 billion) in investment.

Another Balkan country, Albania, is fast-tracking plans to meet its renewable energy goals with the construction of a 12.9 MW floating photovoltaic plant with the help of a 9.1 million euro ($10.26 million) loan from the European Bank for Reconstruction and Development.

Albania has announced plans to launch the first tender for the construction of large onshore wind power projects.

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