Greentech Lead India: India and Mongolia are cooperating on renewable energy and human resources development.
The announcement was made after the meeting between Minister for New and Renewable Energy Dr Farooq Abdullah with Tsakhia Elbegdorj, the new President of Mongolia, at the recently held oath taking ceremony of Elbegdorj at Ulaanbaatar,.
Dr Abdullah also met Mongolia’s Foreign Minister Mr Lu Bold and Minister of Environment and Green Development Ms Sanjaasuren Oyun.
India and Mongolia have been closely associated mainly because of the Buddhist connection between the two countries. A large number of Mongolians travel to India for spiritual, educational and medical purposes.
Mongolia’s wind reserve is 0.6 terrabytes which is enough to generate power not only to Mongolia but also China, according to recent reports.
Mongolia has switched on its first wind farm in Ulaanbaatar just last week. The eco-friendly plant is expected to reduce pollution by cutting coal consumption by 150,000 tons each year. Ulaanbaatar is one of the most polluted cities in the world.
Due to the growing potential for renewable energy, Mongolia is growing as a potential investment target for renewable energy. Recently the U.S announced its private sector and renewable energy sector companies are conducting major projects in foreign countries, are willing to partner with Mongolia.
The U.S. representative for Asia Pacific Economic Cooperation, and the primary economic advisor to the Assistant Secretary of State for East Asian and Pacific Affairs (EPAC), Atul Keshap; along with a director of the Office of Economic Policy in the Bureau of EPAC, Raymond Greene, are visiting the country.
In another recent development, the European Bank for Reconstruction and Development (EBRD) said it plans to invest around $50 million in new wind projects in Mongolia, following the completion of the country’s first commercial wind farm.