Mongolia to harness renewable energy to reduce reliance on fossil fuels and lower greenhouse gas emissions.
The EBRD will also support the development of a national renewable energy policy.
Introduction
The European Bank for Reconstruction and Development (EBRD) has announced a new partnership with the Government of Mongolia to support the development of renewable energy projects in the country. The partnership aims to promote sustainable energy development and reduce reliance on fossil fuels in Mongolia.
Key Objectives
The Partnership
The EBRD will support Mongolia in developing solar, wind, and energy storage projects through auctions. This approach will enable the country to attract private sector investment and promote competition in the renewable energy sector.
Auctions as a Key Mechanism
Benefits of the Partnership
The partnership between the EBRD and the Government of Mongolia will have several benefits, including:
The Energy Sector in Mongolia
Mongolia’s energy sector has traditionally been dominated by the state-owned energy company, Erdenes Tavan Tolgoi. However, the government has recognized the need for reform and is working to create a more competitive and sustainable industry.
Key Challenges
The Reform Initiative
The government’s reform initiative aims to address these challenges and create a more sustainable and competitive energy sector. The key components of the initiative include:
The European Bank for Reconstruction and Development (EBRD) has been actively involved in supporting the country’s economic development since 2001.
EBRD’s Investment in Mongolia
A Long History of Support
The EBRD has been a key player in Mongolia’s economic development for over two decades. Since its inception in 2001, the bank has invested over €1.3 billion in the country, making it one of the largest investors in Mongolia’s private sector. The EBRD’s investment in Mongolia has focused on supporting the country’s transition to a market-based economy. The bank has invested in various sectors, including energy, mining, and infrastructure. The EBRD has also provided financing for small and medium-sized enterprises (SMEs) in Mongolia.
Key Projects
The EBRD has invested in a wide range of projects in Mongolia, including: