Mongolia and EBRD to cooperate in renewable energy promotion
The Government of Mongolia and the European Bank for Reconstruction and Development (EBRD) have signed a Memorandum of Cooperation on developing renewable energy and advancing climate goals in Mongolia. Deputy Prime Minister of Mongolia Dorjkhand Togmid and First Vice President of the European Bank for Reconstruction and Development Jürgen Rigterink signed the Memorandum, Montsame reports.
The Government of Mongolia is actively implementing energy sector reforms aimed at transforming the sector into a sustainable and competitive industry aligned with global climate goals. As part of this effort, initiatives are being undertaken to enhance transparency in the energy sector, liberalize the energy market, and promote renewable energy development. Deputy Prime Minister Dorjkhand highlighted that the Memorandum of Cooperation with the EBRD is closely aligned with the Mongolian Government policy.
Under the Memorandum, the two sides agreed on several areas of cooperation. These include exploring the possibility of the EBRD to support solar, wind, and various energy storage projects implemented by the Ministry of Energy of Mongolia. Also, the EBRD will explore providing technical assistance through conducting feasibility studies and detailed environmental assessments for small- and medium-sized variable-capacity hydroelectric power plants, as part of establishing the foundational capability of Mongolia's renewable energy development. Additionally, the EBRD will provide support in constructing up to 300 MW of solar power generation facilities, alongside transmission lines, to be operational by 2028.
Moreover, the two sides will jointly formulate a roadmap for a low-carbon energy sector, develop a renewable energy strategy, and cooperate on implementing the projects included in the strategy.
Earlier it was reported that the Government of Mongolia and the World Economic Forum (WEF) had signed a cooperation agreement in developing an AI-based Strategic Intelligence platform.
