Ulaanbaatar: South Korea and Mongolia have signed a memorandum of understanding (MOU) focused on cooperation in energy transition and renewable energy development in Mongolia, as announced by the energy ministry on Thursday. The agreement aims to facilitate collaborative efforts in renewable energy initiatives, power infrastructure, and climate policy.
According to Yonhap News Agency, the MOU was signed by Kim Sung-whan, South Korea's minister of climate, energy and environment, and his Mongolian counterpart, Badrakh Naidalaa, in Ulaanbaatar. This agreement was formalized during President Lee Jae Myung's summit with Mongolian President Ukhnaa Khurelsukh, emphasizing the importance of mutual cooperation in the energy sector.
The partnership will also focus on implementing heat pump-based district heating systems and fostering a skilled workforce within Mongolia's energy sector. Mongolia, with its vast territory and considerable wind and solar resources, holds significant potential for renewable energy. However, the country's current reliance on coal due to limited technology and infrastructure poses challenges in terms of air pollution and greenhouse gas emissions, as highlighted by Kim.
Kim further stated that the South Korean government is committed to assisting Korean companies in entering Mongolia's environmentally friendly energy market, particularly in the energy storage systems sector. Additionally, the two nations plan to organize a South Korea-Mongolia energy business forum to encourage interaction and collaboration among companies within the energy sector.