The European Bank for Reconstruction and Development concluded a strategic partnership with Mongolia as part of efforts to step up the pace of the country’s transition towards renewable energy as reported by Reuters. This was unveiled during the World Economic Forum in Davos on 21st January. One of the steps toward making the aspirations of sustainable energy in Mongolia a reality.
The EBRD will join forces with Mongolia to conduct auction-based renewable energy projects under the deal. The plan includes the construction of as much as 300 MW in photovoltaic power plants and 200 MW in wind power stations including storage facilities. The projects will also include the necessary infrastructure for the 2028 handover and initiation of operations once commissioned.
Renewable Strategy Planning
Reuters reports that apart from renewable, EBRD will be lending support in producing renewable energy and low-carbon development paths into Mongolia. This will perfectly fit within country’s goal; transforming the Energy sector towards efficiency and international ambitions of global goals on climate change issues.
“The consensus is that private sector engagement is now more critical than ever. The urgency to address climate challenges has only increased, and the Race to Belém highlights this by calling for transformative private investments,” Dorjkhand Togmid said in a statement.
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The EBRD’s Investment for Mongolia’s Transition to Green Energies
In 2024, the EBRD invested more than €260 million ($270 million) in 28 projects across Mongolia, with a major emphasis on financing green transition initiatives. The new agreement builds on this foundation, emphasizing the EBRD’s commitment to the ongoing development of renewable energy in the region.
This collaboration will strategically position Mongolia as a leading renewable energy developer in the region, where solar, wind, and energy storage projects are prioritized. Furthermore, the partnership will contribute largely to meeting the country’s energy needs and reducing its carbon footprint.