Olia is looking for $11 billion in green finance to...

Bussasmith Says...

olia is looking for $11 billion in green finance to decarbonize its economy, which is currently heavily dependent on fossil energy, mining and livestock farming, the country's minister of environment and tourism said Wednesday.

"There is a rough estimation that we would need $11 billion as a start" to transition into a greener and more sustainable economy, while also promoting more environmental businesses with advanced technology, Bat-Erdene Bat-Ulzii said in an interview during the COP28 summit in Dubai, United Arab Emirates.

"We are trying to contribute to the global efforts of improving the environment as well, so for us international, bilateral, multilateral cooperations are very important."

Mongolia is facing challenges stemming from land degradation, limited water resources and overgrazing.

Meanwhile, energy and mining sectors account for a lion's share of its economy, of which coal exporting to China has been rising due to steady demand.

Posted December 22 2023 at 1:40 PM

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