A major part of GCF’s opening financial transfer will raise awareness about the potential of tackling climate change in the country’s fledgling low-carbon energy sector. It will help XacBank train entrepreneurs find new business opportunities in this sector and compile a list of best-available technologies in renewable energy and energy efficiency to provide investment assurance.

Anand Batsukh, a senior project development officer at XacBank, said GCF assistance will help XacBank complement the Mongolian Government’s efforts to mainstream energy usage as the first step towards boosting energy efficiency and renewable energy.

The Mongolian Government is encouraging citizens to derive their energy from electric power grids. A significant proportion of the population currently burns low-quality coal in their homes for heating and cooking.

This problem is particularly acute in Mongolia’s capital, Ulan Bator, home to one of the highest air pollution levels on the planet. The Mongolian Government has been stepping up moves to tackle deteriorating air quality and climate change simultaneously during the past three months, Mr. Batsukh said.

“Increasingly, Mongolian people are drawing the link between climate change and air pollution,” he explained. “People are becoming more concerned as the air quality here has been particularly bad this year.”

GCF’s transfer of a USD 500,000 grant to XacBank marks the first phase of a GCF Board-approved funding proposal to enhance the bank’s ability to support micro, small and medium-sized enterprises (MSMEs) finance low-carbon initiatives.

At least 50 percent of the beneficiaries of this programme are expected to be women-led MSMEs. GCF’s total contribution of USD 20 million is being blended with other climate finance sources to help kick start Mongolia’s low-carbon energy sector as part of a five-year, USD 60 million programme.

XacBank has been a pioneer in generating Mongolia’s sustainable development since becoming the country’s first and only bank specializing in eco-banking in 2009. It has been shifting its focus to supporting large-scale renewable energy projects since GCF accredited it as a direct access entity in October 2016.

Keep an eye on the GCF website to learn about the completion of GCF’s climate finance to XacBank, expected by next month.

New Zealand's Cabinet made the decision on Thursday, completing domestic procedures for ratification.

The country insists that the TPP be implemented even though the United States pulled out of the pact in January.

Trade Minister Todd McClay said in a statement that the pact remains valuable both economically and strategically.

He said New Zealand is still actively exploring alternative options for the TPP and expects other TPP partners to also ratify in the coming months.

The trade deal was initially signed by 12 nations, including the US, which later withdrew. Ministers from the other 11 nations will discuss the deal in a meeting in Vietnam on May 21st.

Ahead of the gathering, New Zealand Prime Minister Bill English will meet his Japanese counterpart Shinzo Abe during his visit to Japan next week.

English said a focus at the summit will be strengthening bilateral trade and economic links, including through the TPP.

Mongolia is a mineral-rich country boasting large copper, gold and coal deposits; however, until recently just 9.6% of its land was available for prospecting. But this is about to change, as the Mongolian Mining Minister Dashdorj Tsedev announced in early March that 20.9% of the country will soon be opened up for exploration.

This will allow Mongolia to profit from its estimated 162 billion metric tonnes of coal, an amount which puts it within the top 15 coal rich countries in the world. The coal is distributed across 1.5 million sq km relatively evenly, but it differs in quality. The biggest proven reserve lies within the South Gobi desert where 6.4 billion tons of coal is located, of which 40% is high quality coking coal making it a likely key area for further exploration.

As well as coal, more than 120,000 tons of copper are mined in Mongolia annually, which will increase as the metal becomes an ever more sought after resource. The country is ranked 12th in the world for copper researches, with 35 million tonnes (Mt) of copper located in the South Gobi desert alone.

Mongolia is seeking to shore up its economy following an International Monetary Fund (IMF) led bailout earlier this year. A stabilisation package of $5.5bn is being provided by the Asian Development Bank, World Bank and bilateral partners, including Japan and South Korea and the People’s Bank of China.

Oyu Tolgoi is one of the biggest copper-gold mines in the world, but there are several other well-established deposits in Mongolia yielding these minerals, including Centerra Gold’s Boroo mine. Alongside these are many coal mines where mostly coking coal is excavated. According to the Mongolian Government Agency for Land Minerals and Oil, coal production and exports are already up this year, and “mining increasing by 165.8% compared to the same period last year, sales by 203.56% and export performance by 48.5%”.

Currently, Mongolia generates 95% of its energy from coal, making it an essential resource. 60% of the Mongolian population lives within the capital city, Ulaanbaatar, the constant development of which requires increasing amounts of energy ensuring its coal reliance continues.

The April event was the first such deliberation on constitutional reform in Mongolia. The participants, 740 in number, were randomly selected. (Mongolians Discuss Constitutional Reform, supra.) “Deliberative polling” is a form of political consultation that consists of a random group of citizens from all walks of life coming together to discuss issues of national importance, with the goal of assisting lawmakers in their decision-making. (Id.; see also Sean Gray, Deliberative Polling, PARTICIPEDIA (Nov. 6, 2009).)

The recommendations made last month include:

maintaining the current balance of power between the legislature and the executive branches of government;
strengthening the unity of the country;
consolidating how local administration is structured;
developing a professional, independent civil service;
strengthening the judiciary to improve the legal structure; and
creating a bicameral legislature that would include the State Great Hural and the State Congress. (Mongolians Discuss Constitutional Reform, supra.)
Mongolia’s current Constitution was adopted in 1992 and was amended in 1999 and 2001. (Constitution.) It specifies that amendments can be made through a two-step process. Proposed amendments are submitted to the legislature by the Constitutional Court. If supported by at least two-thirds of the legislature, the proposed amendment is voted on in a national referendum. (Id. art. 68.)