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Mongolia Renewable Energy Industry Analysis
Mongolia is a country rich in natural resources, including vast potential for renewable energy sources. The current scenario of the renewable energy projects industry in Mongolia is promising and offers numerous opportunities for growth and development.
The major drivers of the renewable energy projects industry in Mongolia are government policies and international cooperation. The government of Mongolia has set ambitious targets to increase the share of renewable energy in the country's energy mix. The country aims to generate 20% of its electricity from renewable sources by 2023 and 30% by 2030. To achieve these targets, the government has implemented various policies and initiatives to promote the development of renewable energy projects. For instance, in 2017, the government introduced a feed-in-tariff (FiT) system to support renewable energy projects, providing guaranteed prices for electricity generated from renewable sources.
Moreover, international cooperation is another significant driver of the renewable energy projects industry in Mongolia. The country has received support from various international organizations, such as the Asian Development Bank and the World Bank, to develop its renewable energy sector. These organizations provide technical assistance, funding, and capacity building support to develop renewable energy projects in Mongolia.
The industry outlook for renewable energy projects in Mongolia is positive. The country has significant potential for renewable energy sources, such as wind, solar, and hydropower. Mongolia's wind potential alone is estimated to be around 1.1 million MW, which is more than 100 times the country's current electricity demand. The government's efforts to promote renewable energy projects, coupled with international support, are expected to attract more investment in the sector.
In addition, the increasing demand for electricity in Mongolia, driven by the country's economic growth and urbanization, presents significant opportunities for renewable energy projects. The country currently relies heavily on coal for its electricity generation, which is a major contributor to air pollution. The shift towards renewable energy sources can help reduce the country's reliance on fossil fuels, improve air quality, and reduce greenhouse gas emissions.
In conclusion, the renewable energy projects industry in Mongolia has a promising future. The government's policies and initiatives, coupled with international support and the country's significant potential for renewable energy sources, provide numerous opportunities for growth and development in the sector.
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