To meet the increasing demand for electricity, reduce the country’s heavy reliance on coal, and improve energy security, Mongolia is committed to promoting renewable energy development. It must overcome financial, institutional, and technical barriers to spur progress.
Source: World Bank
In line with its comprehensive renewable energy action plan, Mongolia is using $30 million in grants and low-debt financing from the SREP to improve energy security and reduced dependence on imported fossil fuels. In particular, the SREP is supporting the development of 25 MW of wind and solar PV power in the remote western region of Mongolia.
By demonstrating the application of renewable energy generation in remote areas, Mongolia hopes to build a track record and scale up. The SREP is also encouraging private sector investment in utility-scale renewable energy by encouraging regulation reforms and building stakeholder capacity.
Rich in renewable energy resources with wind resources equivalent to 1,100 GW potential and 270-300 sunny days per year
|NAME||FUND||FUNDING (USD MILLION)||COFINANCING (USD MILLION)||MDB|
|Capacity Building and Regulatory Support Technical Assistance||FUNDScaling Up Renewable Energy Program in Low Income Countries||COFINANCING (USD MILLION) 1.2||FUNDING (USD MILLION)||MDBIBRD|
|Upscaling Rural Renewable Energy - Solar PV||FUNDScaling Up Renewable Energy Program in Low Income Countries||COFINANCING (USD MILLION) 12.4||FUNDING (USD MILLION)||MDBIBRD|
The CIF programmatic approach to investment planning and implementation brings strategic value to CIF recipient countries. Working through a transparent, country-led process, the CIF fosters trust and collaboration among government ministries, civil society, indigenous peoples, private sector, and the MDBs that implement CIF funding. Together, they translate Nationally Determined Contributions and other national development and climate strategies into an actionable CIF investment plan. Rather than one-off projects, the plan comprises long-term, sequenced investments that mutually reinforce each other and link to other critical activities, such as policy and regulatory reform and capacity building. Under national government leadership, CIF stakeholders continue to work together to implement the plan, continually assessing progress and sharing lessons learned along the way.