Ulaanbaatar
USD 6.3 billion to be required to reduce greenhouse gas emissions
Politics
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.
