Mongolia approved for I-REC(E) issuance
The I-REC Standard Foundation Board has approved Mongolia for I-REC(E) issuance. The OLOLT Climate Change and Carbon Market Development Center (OLOLT Center) has been Accredited as Mongolia’s I-REC(E) Issuer. The OLOLT Center is a national climate-oriented non-governmental organization, dedicated to empowering and bridging the public and private stakeholders for accelerating resource mobilization and climate actions through the facilitation of market and non-market instruments. As a team of local experts with unique experience and qualifications, OLOLT Center has participated and contributed to a number of national projects such as:
- National Program on Climate Change: Action plan (II phase)
- Mongolia’s Nationally Determined Contribution (NDC) and NDC Action plan
- National program on UNREDD
- National forest monitoring system and forest reference levels for the UNFCCC
- Mongolia’s Country Program for the Green Climate Fund (GCF)
- National MRV system assessment
This appointment comes with the support and encouragement from the Energy Regulatory Commission of Mongolia (ERC) which has recognized the benefit of the I-REC(E) local implementation in contributing to Mongolia’s climate efforts in the energy sector.
The Government of Mongolia has been working to diversify its economy and support various sectors including the energy sector, while sustaining its commitment to achieving the Paris Agreement goals. Within the scope of the energy sector enhancement, the following objectives relating to renewable energy production were identified:
- Enhance grid network, capacity, and independent energy supply.
- Expand renewable energy by supporting hydro energy projects and energy storage, and strengthening the stability and safety of energy generation and supply.
- Shift the energy sector toward a market-based, financially autonomous system.
Regarding objectives of meeting the energy demand and enhancing energy security, Mongolia’s sustainable development plans and goals show increasing importance for the energy sector with the share of renewables growing by over 10% in the overall supply mix. The I-REC Standard Foundation recognizes the efforts made by Mongolia’s continued commitments to developing and implementing plans for renewable energy sources and access and is, therefore, pleased to have Mongolia as an I-REC(E) issuing country.