GREEN ENERGY SECTOR ATTRACTS $1 BILLION IN FINANCING

Mongolia is making significant strides at the World Economic Forum.

On January 21, Mongolia’s Deputy Prime Minister, Dorjkhand Togmid, and the First Vice President of the European Bank for Reconstruction and Development (EBRD), Jürgen Rigterink, signed a Memorandum of Understanding to collaborate on renewable energy investments.

Aligned with Mongolia’s commitment under the Paris Agreement to reduce greenhouse gas emissions by 22.7% by 2030, up to $1 billion in funding will be allocated to renewable energy projects, including solar and wind power, as well as energy storage systems.

The agreement ensures that these projects will be implemented by private sector entities. The first 500 MW energy project is expected to be completed within the next three years, with the initial 100 MW project set to begin by 2025.

To further support and strengthen the implementation of these initiatives, the EBRD’s First Vice President is scheduled to visit Mongolia by the end of this year.