Mongolia's economic policy and competitiveness assessed

The American Chamber of Commerce in Mongolia

2018-03-07 15:59 GMT+8

According to the Economic Policy and Competitiveness Research Center (EPCRC), green development policy is not only about having a positive impact on the environment but also on economic growth.

The EPCRC estimated that if Mongolia spends four percent of its GDP on green development, the employment rate would increase by 23 percent by 2030 and the poverty rate, which is currently at 30 percent, could fall to 10 percent.

The EPCRC believes that a focus on green development would not only help increase household income but would also reduce the CO2 emission rate by 46.6 percent.

The center suggests that the economic fluctuation that has been observed in Mongolia since 2000 could be stabilized by a proper green development policy mechanism. The EPCRC conducts independent surveys using economic models developed by the Millennium Institute to analyze the effects of green economies.

Since 2010, the Government of Mongolia has been building the basis for strengthening a green economy, and according to state, private, and international stakeholders, the government has been actively engaged in supporting green development.

Currently, the Government of Mongolia is working on integrating green development concepts into legislation and regulations. State procurement is now focused on green development and amendments to the Law on Procurement are being developed.

In addition, the government hopes to set green development criteria for the development and implementation of bigger state-funded projects. The green development initiatives and efforts of Mongolia's commercial banks are well acknowledged internationally, and several days ago an international sustainable funding association rated Mongolia and its commercial banks as progressive.

The Green Climate Fund has confirmed that it will be allocating 145 million USD in financing to Mongolia's green development projects.        

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