Mongolia is collaborating with the European Bank for Reconstruction and Development (EBRD) to promote the deployment of renewable energy in the country.

Announced during the World Economic Forum in Davos taking place from 20 January to 25 January 2025, the EBRD will support Mongolia in developing solar, wind and energy storage projects through auctions.

The EBRD will investigate providing technical support through feasibility studies and comprehensive environmental assessments for small and medium-sized hydroelectric power plants, which will help establish a robust foundation for renewable energy development in Mongolia.

The partnership aims to construct 300MW of solar power facilities and 200MW of wind power plants with energy storage and necessary transmission infrastructure by 2028.

Mongolia is undertaking significant reforms in its energy sector to transition towards a sustainable and competitive industry that aligns with international climate targets.

The initiative includes efforts to improve transparency within the energy sector, liberalise the energy market and encourage the development of renewable energy sources.

Mongolia Deputy Prime Minister Dorjkhand Togmid stated: “This partnership with the EBRD underscores our commitment to transforming Mongolia’s energy sector into one that is sustainable, competitive and aligned with global climate goals.”

The EBRD will also aid Mongolia in formulating strategies for renewable energy development and pathways to reduce carbon emissions.

This collaboration reflects the EBRD’s ongoing commitment to supporting renewable energy initiatives globally.

In 2024, EBRD invested more than €260m ($270m) in 28 projects in Mongolia, focusing primarily on green transition financing.

In a similar move, the EBRD signed a memorandum of understanding (MoU) with Romania in December 2024 to advance renewable energy projects.

Signed by Romania’s Energy Minister Sebastian Burduja and EBRD Romania head Victoria Zinchuk, the MoU supports the design and implementation of renewable energy auctions.