Participated in the morning meeting of entrepreneurs on “Sustainable Development and Renewable Energy”
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Participated in the morning meeting of entrepreneurs on “Sustainable Development and Renewable Energy”

Participated in the morning meeting of entrepreneurs on “Sustainable Development and Renewable Energy”

The United Nations Resident Mission Office in Mongolia, the Mongolian National Chamber of Commerce and Industry, and the Economic Journalists Club jointly organized a business breakfast meeting on February 5, 2024, on the topic of “Sustainable Development and Renewable Energy”.

The meeting was attended by representatives of organizations and business entities such as the Energy Regulatory Committee, Erdenet Factory SOE, MCS Holding, Newcom Group, Gobi JSC, Mongol Basalt LLC, Sainshand Wind Park LLC, Desert Solar Power One LLC, and Tenuun Gerel Construction LLC.

The participants of the meeting emphasized that the policy of the energy sector in Mongolia is unstable, the energy sector’s minister is replaced every two years, and the energy prices and tariffs are kept lower than the actual costs incurring, which are the biggest obstacles to future development of the energy sector. In addition, the energy sector’s representatives stated that there is an imminent risk that the power plants may pull down the coal mines and coalmines pull down the railway if they do not stop perceiving the energy tariffs from a welfare point of view. The participants also highlighted that although the entities have the opportunity to use renewable energy and have an interest in declaring that they are producers of green products without traces of associated greenhouse gas emissions, however, there is no tariff or legal regulation. Therefore, the participants of the meeting emphasized that it is necessary to revise the energy price and tariff policy, and amend the Law of Mongolia on Renewable Energy, the Law of Mongolia on the Chamber of Commerce and Industry, and the Law of Mongolia on Foreign Investments.

Also, during the meeting, Newcom Group’s CEO Mr. Baatarmunh B., said, “The development of solar and wind energy is becoming more and more stable with the development of the Battery-Based Energy Storage Facility” while the representative of Oyutolgoi Company said, “By reducing the use of coal-fired thermal power plants and diesel fuel, we are targetting to reduce the  greenhouse gas emissions by 30 percent by 2030.” “We are making a goal to reduce this indicator to zero by 2050.”

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