USD 6.3 billion to be required to reduce greenhouse gas emissions

2022-03-30 16:53:47

Ulaanbaatar /MONTSAME/. Minister of Environment and Tourism B.Bat-Erdene gave a report on the ‘Nationally Determined Contribution, Financing, New Revival Policy’ during the panel discussion ‘Green Finance-Regional Forum’ being organized as part of the series of discussions ahead of the Mongolian Economic Forum 2022.

In his report, the Minister stressed that at a time that the issue related to climate change is globally prioritized, our country has acceded to international agreements and conventions to achieve its goals. In particular, in 2015 our country joined the Paris Climate Agreement, which has been joined by 192 countries. The Paris Agreement sets out a global framework to avoid dangerous climate change by limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C.

Noting that Mongolia has set a goal to reduce its greenhouse gas emissions by 22.7 percent by 2030, B. Bat-Erdene said, “Within the framework of the objective, we have set a goal to reduce greenhouse gas emissions in the energy sector by 49.4 percent, the construction sector by 4.9 percent, the transport sector by 6.2 percent, the agricultural sector by 31.3 percent and the industrial sector by 7.6 percent.”

He also presented the action plan to be implemented in Mongolia to reduce greenhouse gas emissions.

“A total of USD 11.5 billion is estimated to be necessary to reach the target. From this, USD 6.3 billion is needed reduce greenhouse gas emissions and USD 5.2 billion to adapt to climate change,” noted Minister B.Bat-Erdene.  The Ministry of Environment and Tourism approved the action plan in 2021, and 72 measures for 24 objectives in three areas are planned to be organized between 2021 and 2025.

Projects and programs worth of USD 436 million were approved by the Green Climate Fund, with USD 70 million of this amount was spent for climate change mitigation and USD 23 million for adaptation. USD 342 million is being spent on funding projects and programs aimed at slowing down the impact of climate change and adjusting to climate change.

Of the 10 investment projects and programs approved by the Green Climate Fund, seven are already under implementation.