FOR IMMEDIATE RELEASE – November 12th 2015
CONTACT: Martin Hall: +1 202 4585540 / email@example.com
Mongolia and the Climate Investment Funds are today celebrating the endorsement of that country’s renewable energy investment plans under the CIF’S dedicated fund for Scaling Up Renewable Energy in Low Income Countries Program. (SREP)
The SREP funding of $30 million (USD) will be used for projects to support a switch to renewable energy in remote rural areas.
Mongolia’s energy goals include that 20% of increasing power capacity come from renewable sources by 2023 and 30% by 2030.
Senior SREP Coordinator Zhihong Zhang says: “SREP will support the Government of Mongolia to achieve its ambitious target of 20% renewable energy by 2023 and 30% by 2030.
“SREP investments will benefit particularly people living in the remote rural areas with access of electricity by using indigenous solar and wind resources. It will also support the Government to strengthen renewable energy regulations and lay the foundation for private sector involvement in the renewable energy sector.”
Mr. Myagmar Angarag, Head of Renewable Energy Division, Mongolia Ministry of Energy, says:
“The SREP Investment Plan will help to increase energy independence of Mongolia.
“The installation of 25 MW RE capacity in the Western Energy System (WES) will improve clean energy access to around 20,000 households, promoting economic development and benefitting SMEs.
“The solar-wind hybrid project in WES potentially triggers Renewable Energy (RE) development in hundreds of megawatts with huge reduction impact on CO2 emissions from coal based power generation.”
About the Climate Investment Funds
The Climate Investment Funds (CIF) is providing 72 developing and middle income countries with urgently needed resources to mitigate and manage the challenges of climate change and reduce their greenhouse gas emissions. The CIF allocates financing through four funding windows:
The $796 million Scaling Up Renewable Energy in Low Income Countries Program (SREP) is helping to deploy renewable energy solutions for increased energy access and economic growth in the world’s poorest countries.
The $5.3 billion Clean Technology Fund (CTF) provides middle-income countries with highly concessional resources to scale up the demonstration, deployment, and transfer of low carbon technologies in renewable energy, energy efficiency, and sustainable transport.
The $785 million Forest Investment Program (FIP) supports efforts of developing countries to reduce deforestation and forest degradation and promote sustainable forest management that leads to emissions’ reductions and enhancement of forest carbon stocks (REDD +).
The $1.2 billion Pilot Program for Climate Resilience (PPCR) is helping developing countries integrate climate resilience into development planning and offers additional funding to support public and private sector investments for implementation.
About Zhihong Zhang
Zhihong Zhang is Senior Program Coordinator at the Climate Investment Funds Administrative Unit, overseeing the Clean Technology Fund and the Program for Scaling up Renewable Energy in Low Income Countries.