EBRD and EU back URECA’s Coal-to-Solar project in Mongolia www.ebrd.com

In Ulaanbaatar, Mongolia, families who live in ‘gers’ (Mongolian yurts central to the nomadic way of life) wake throughout the night in winter to feed their stoves coal: at 01.00, 03.00, and again before dawn, just to survive freezing temperatures. The very fuel that keeps them warm also makes the city one of the most polluted capitals in the world, with each household on average responsible for 12 to 13 tonnes of carbon emissions.

URECA is a climate tech startup whose pilot Coal-to-Solar Initiative project pairs technology with carbon finance to direct capital into scalable, high-impact climate solutions while supporting low-income households to transition to clean energy and tackling severe air pollution.

They propose a new technology designed to restore trust and credibility in climate finance, making it more accessible to communities. With help from the EBRD’s Star Venture programme, URECA is now better positioned to scale its climate solution.

“The question that we posed ourselves was: ‘If other large-scale renewables are able to generate carbon credits on the premise that they’re reducing emissions and then sell those credits and get additional revenue, how does someone living in a traditional Mongolian yurt and transitioning away from coal energy towards solar achieve the same thing?’” says Orchlon.

Ureca's co-founders

The intrepid co-founder trio Orchlon, Amar and Unurbat, who see climate action as always having been a top-to-bottom approach, believe that the clean energy transition should start with the people most affected by it.

The sparkplug to entrepreneurship
Carbon markets – systems for trading carbon credits and offsetting greenhouse gas emissions – have often been criticised for their inefficiencies, driven by lack of information, transparency and other structural flaws.

“Getting carbon emission verified is notoriously bureaucratic. It's extremely costly and usually requires external experts flying in to monitor a project’s success. I was involved in a project that took us about US$ 100,000 (EUR 84.072,00) to get certified under the VERRA standard. So it's about a year's worth of work that needs to happen,” recalls Orchlon.

There are nearly 1 million families living in the more traditional and lower-income ger districts, burning coal in the winter. Beyond pollution, coal presents a more immediate danger to families: every month, carbon monoxide poisoning from improperly lit stoves causes overnight deaths. In this instance, negligence can prove fatal.

“The question that we posed ourselves was: ‘If other large-scale renewables are able to generate carbon credits on the premise that they’re reducing emissions and then sell those credits and get additional revenue, how does someone living in a traditional Mongolian yurt and transitioning away from coal energy towards solar achieve the same thing?’” says Orchlon.

Back when the EBRD was first introduced to URECA through the Bank’s Star Venture programme, the founders were developing a tech platform to connect local grassroots greenhouse-gas-reducing projects with investors, while making carbon credits more accessible and credible. Since then, their focus has shifted to helping households transition to clean energy through the Coal to Solar project, delivering tangible benefits for both families and the environment.

Climate finance + digital technologies

URECA's Coal-to-Solar project

Through two years of testing and piloting, URECA developed a plug-and-play system that enables coal-dependent households to switch to renewable energy while financing the transition.

As Orchlon explains, cost is a major factor in climate tech adoption. With that in mind, the team focused on making the technology reliable and affordable by researching and developing both their hardware embedded systems and software internally.

Their infrastructure combines an array of – as Orchlon puts it – “low-cost, dumb, but very high-quality devices” like solar panels, inverters and electric heaters, all integrated with URECA’s verification, monitoring and reporting technologies. The latter include IoT sensors, AI, and other tools that track energy use in real time once families switch to renewable energy.

In practice, these systems allow URECA to insulate a yurt, install solar panels and batteries, then deploy smart sensors that track air quality, humidity and other indicators at five-minute intervals to verify whether any coal burning occurs throughout the day. Emission reductions are automatically calculated, continuously verified, and monetised through URECA’s platform, enabling families to fund their transition to renewable energy with carbon credits they generate entirely on their own.

Since all of these devices are interconnected, each household effectively becomes a small virtual power plant that can be both monitored and controlled. Homes can operate in sync with the grid, ensuring no additional strain during peak demand, while remaining self-sustaining when the grid is under pressure.

By the end of 2025, the team had almost 200 households using their technology. Their goal is to transition over 100,000 households by 2030. That would mean about 1.3 million tonnes of CO2 removed from the air per year, and Ulaanbaatar’s air pollution reduced by more than 70 per cent. This would also represent the first truly ‘just’ energy transition at global scale: bringing the lowest-income households into clean energy markets in one of the coldest capitals in the world.

With help from the EBRD’s Star Venture programme and the European Union, URECA received the Gold Standard certification for carbon credits, one of the leading standards in the voluntary carbon market and a seal of approval that will help will attract global partners, enable carbon credit trading, and accelerate the adoption of clean energy solutions.

Nurturing behavioural change
Making the tech affordable and reliable was their first challenge. Next came getting families in Ulaanbaatar to adopt their technology, as they did not believe that they could survive -30°C temperatures on solar panels. “The key factor was giving families the option to switch and empowering them with the confidence that their homes would be safer at night, their air cleaner and their children safer,” adds Amar.

Orchlon says that cost was another important factor that he and his team needed to address: “The discourse around climate change is at times so far removed from the reality of these families, who don’t burn coal because they like coal, but rather to survive. Although they might recognise the benefits of renewable energy, they see it attached with a hefty price tag. We took a very pragmatic approach. Once we started framing the issue from their perspective and really bringing it down to the basics of how URECA could impact them positively day to day, we saw them start to let their guard down and accept our proposal.”

The impact they have seen on the ground has been remarkable. Hundreds of households have now gone through two or even three winters without burning a single lump of coal, dramatically improving quality of life.

Indoor air quality has improved significantly and there have been notable gains in health, particularly among children.

Families participating in the pilot report fewer illnesses, including a sharp decline in seasonal flu and improved overall well-being.

The shift has also delivered major productivity gains: households no longer need to wake several times each night to replenish coal stoves. 

What the future holds
Orchlon is optimistic about their potential: “If we are successful in securing large-scale carbon offtake volumes – which we believe we can – then the model relies on competitive market fundamentals rather than public budgets or philanthropy,” he asserts.
Mongolia’s evolving bilateral carbon cooperation with the likes of Singapore is creating practical pathways for governments and companies to access Mongolian carbon credits through trusted platforms, helping unlock financing for household clean energy transitions.

“What we’ve done is position thousands of low-income families as independent generators of those credits, able to sell directly into an existing global market,” concludes Orchlon.

And if families living in felt yurts can rely on solar power to survive -30°C degree winters for three to four months, it proves a broader point: a clean energy transition is possible anywhere. The model is inherently replicable.URECA is now focused on developing utility-scale renewable energy and commercial residential solar projects, showing how grassroots, community-based initiatives can have a global impact.

Epstein’s long ties extended to Mongolia, and its Rio Tinto stoush www.afr.com

Jeffrey Epstein was among six advisers, including former prime minister Kevin Rudd, engaged by the Mongolian president to help revive the economy and resolve an impasse with Rio Tinto over the development of an $11 billion copper project that was crucial to the country’s growth.

Mr Rudd told a conference call of the advisers, attended by the disgraced financier in 2014, that major mining companies could take a “ruthless approach” in disputes with governments, according to a trove of emails published by the Justice Department in the United States.

That correspondence is among the millions of documents published by the department that show Epstein acting as a ringleader for the world’s wealthiest and most powerful. Epstein was a convicted paedophile and was facing charges of sex trafficking when he died in a US prison in 2019.

The emails show the extent of Epstein’s influence in Mongolia, where he dined with then president Tsakhiagiin Elbegdorj in 2013 and was asked to join a high-level group to provide advice about the country’s economy.

The Mongolian economy was struggling in 2013 because a dispute with Rio over expansion of the country’s biggest private business – the Oyu Tolgoi copper mine – had scared away other foreign investors.
Epstein participated in a meeting with Mr Elbegdorj in January 2014 alongside other advisers including Mr Rudd, former Israeli prime minister Ehud Barak, former Norwegian prime minister Kjell Bondevik and former US Treasury secretary and Harvard University president Lawrence Summers.

Epstein and Mr Summers were in regular contact over their Mongolia work. When Mr Summers received an email invitation from the World Bank to visit Mongolia and speak on economic matters, he immediately forwarded the email to Epstein with the message: “Do I want to be doing this?”

At the 2014 meeting with Mr Elbegdorj, Mr Summers warned that foreign investors viewed Mongolia as a high-risk destination, adding its borrowing costs could be lowered if it struck a deal with Rio to proceed with an expansion of Oyu Tolgoi. At the time of the meeting, Rio had paused the expansion because the Mongolian government was seeking to revise an investment agreement struck for the mine in 2009.

“Investor confidence could be increased by resolving issues between Rio Tinto and the government of Mongolia in relation to the Oyu Tolgoi mine,” said Summers, according to a summary of the meeting, which was among the documents seized from Epstein.

“A solution should be found in line with international obligations and honouring contracts that have been signed. The government should make it clear that it expects others to do the same,” Summers said, according to the meeting summary. “Such a negotiated solution would improve Mongolia’s credit worthiness and bring down interest costs.”

Mr Rudd, whose first stint as prime minister ended in a 2010 fight with Rio and BHP over a resources tax, told the meeting that big miners could be “ruthless”, but it was best that Mongolia did not breach its agreements.

“[Rudd] stressed the importance of honouring contracts for the sake of the country’s international reputation, particularly for attracting [foreign direct investment],” according to the summary of the meeting.

“[Rudd] noted the sometimes ruthless approach of mining companies, and underlined the importance of effective legislation.”

A Rio spokesman said the miner had never hired Epstein to act as a lobbyist, nor had it had any dealings with him. Rudd, who is mentioned in the financier’s emails dozens of times, has previously said that he had “no reason to believe that he ever met with Jeffrey Epstein at any time”.

In correspondence revealed by The Sydney Morning Herald late last month, Epstein’s assistant writes that Mr Rudd had “also asked if he can bring his wife and son” to a September 2015 meeting with the then Mongolian president.

In a statement, Mr Rudd’s office said he had been invited to the event by the International Peace Institute, the think tank he chaired at the time, but did not attend and did not know if the dinner went ahead without him.

BY: Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com

Mongolia Ranks Among the Lowest in the Global Organized Crime Index 2025 www.open.kg

According to MiddleAsianNews, the crime index in Mongolia in 2025 was 52.1 points, indicating a moderate level of crime that has been decreasing over the past three years. Mongolia is considered relatively safe for travelers, while adhering to standard precautions remains important.

Compared to other countries, Mongolia ranked 153rd, behind Denmark (148), Latvia (149), Lithuania (149), and Australia (152).

In contrast, northern neighbor Russia ranks 22nd in the global crime index, demonstrating a high level of organized crime and serious issues with criminal markets, such as human trafficking and drug trafficking.

To the south of Mongolia lies China, which ranked 45th. In 2025, the crime rate in China was low: the index was 24.0, and by the beginning of 2026, this figure decreased to 23.1. Although there was a global increase in financial crimes in 2025, China demonstrated high stability and a low level of street crime.

The Global Organized Crime Index (GOCI) 2025 focuses on the increase in financial and cyber crimes, as well as smuggling.

In 2026, the crime index in Mongolia was 50.3 points, which is a decrease compared to 52.1 in 2025. Data from osindex.net shows that this figure in Mongolia has increased by 1.07 times since 2013.

Key statistics (2025-2026):

Crime index (2025): 52.1 (moderate level).
Crime index (2026 - forecast): 50.3 (decline continues).
Trend: A decrease in the overall crime rate has been observed over the last three years.
Context: Unlike countries with high levels of organized crime, such as Venezuela and Colombia, Mongolia has a low intensity of criminal markets.

The classification of the crime index is as follows: very low level - below 20; low - from 20 to 40; moderate - from 40 to 60; high - from 60 to 80; very high - above 80.

S. Maidar Tatar

‘Renewable heating targets 600 ger households by 2028’ www.ubpost.mn

A high-level discussion on strengthening partnership-based cooperation to reduce dependence on energy and oil products, promote renewable energy and develop energy storage systems and digital solutions was held on February 6 at the State Palace.

Opening the discussion, Speaker of Parliament N.Uchral emphasized that Mongolia must keep pace with global trends in green energy development, investment growth and financing, noting that green financing worldwide has increased 40-fold over the past decade and is expected to continue growing at an average annual rate of 21 percent.

Speaker N.Uchral stressed that the country’s development policy must fully align with the global transition to green financing. In this context, he highlighted that the state documents include clear goals to support the green economy, expand renewable energy sources, reduce energy dependence and strengthen national energy security. He also noted that concrete indicators are being established to measure implementation outcomes in line with international indices, with investment projects exceeding 30 billion MNT planned, including major green energy initiatives. 

Currently, 77 percent of Mongolia’s total energy production comes from thermal power plants, 22.3 percent is imported, and only seven percent is generated from renewable sources. Speaker N.Uchral warned that this level of renewable energy use is insufficient, adding that while the global average for electricity line losses is six percent, Mongolia’s rate stands at 14 percent. He further pointed out that annual fuel imports amounting to 2.2 billion USD, a low number of electric vehicles, and severe air pollution indicate inadequate preparedness for the green transition. 

The Speaker also introduced initiatives aimed at achieving energy independence for herder households, expanding carbon credit mechanisms, and implementing the “Sunny Mongolian Herder” program to support trade with Eurasian countries. He further noted that opportunities have emerged to reduce or exempt taxes on livestock products such as leather, wool and cashmere under a three-year agreement with the Eurasian Economic Union. He highlighted herders’ proposals to participate in carbon markets by improving pasture management and restoring approximately 30 million hectares of land, thereby reducing emissions and generating income through carbon credits. He emphasized the need to establish policy development, measurement, reporting, and verification systems to support this initiative.

Resident Representative of the UNDP in Mongolia Matilda Dimovska delivered welcoming remarks, describing the Parliament’s renewable energy resolution as a historic decision. She emphasized the importance of placing households and communities at the center of energy reform and making clean energy more accessible. She noted UNDP’s ongoing support to Mongolia in policy analysis, investment planning and risk assessment related to air pollution, energy poverty, and climate change. She also introduced a pilot project on renewable energy heating and insulation solutions for ger area households, currently covering 150 households and expected to reach 600 households by 2028.

Minister of Industry and Mineral Resources G.Damdinnyam highlighted the risks posed by Mongolia’s continued dependence on imported oil products to economic production and national security. He stressed the need to diversify energy sources and develop sustainable, environmentally friendly production systems based on domestic resources. He reported that the oil refinery is scheduled to commence operations in 2028 and emphasized the importance of intensifying oil exploration and improving fuel quality standards, including the transition to fuels meeting Euro 5 standards. He also noted that, under Resolution No. 119, plans are underway to install 100,000 solar lights, develop 100 MW solar projects in provinces and soums, and introduce 100,000 electric vehicles.

During the discussion, the governors of Bayankhongor, Bayan-Ulgii, Khentii, Uvs, and Dornod provinces signed a Letter of Expression of Interest with the Ministry of Energy. The document aims to support renewable energy projects through simplified procedures and improve the regulatory and legal framework for their implementation.

Companies raise 2.6 billion USD from foreign investors www.ubpost.mn

Capital Markets Mongolia (CMM) has released Mongolia DealBook 2025, its inaugural flagship report tracking how the country’s private sector accessed foreign capital and what those transactions reveal about the rapidly evolving investment landscape.

According to the report, 2025 marked a breakout year for Mongolia. Across 40 completed transactions, 19 Mongolian companies raised a combined 2.6 billion USD from international investors, reflecting both a sharp increase in deal volume and growing sophistication in how capital is structured and deployed. The transactions spanned a widening range of sectors and funding instruments, underscoring Mongolia’s deeper integration into global capital markets. 

The DealBook was developed to answer four core questions for global investors: who raised capital, who invested, why capital was raised and how the deals were structured. By addressing these questions, the report aims to provide clarity and context for international stakeholders assessing Mongolia as an investment destination.

Financial services continued to dominate foreign capital inflows. The banking sector reaffirmed its position as the primary gateway for international investment, buoyed by sovereign credit rating upgrades and improved access to global markets. Non-bank financial institutions also attracted notable interest, reflecting strong demand for impact-driven and specialized financial platforms. Mining remained a key contributor to total capital raised, highlighted by a major international bond issuance, while sectors such as fintech, agriculture, and diversified conglomerates showed early but growing signs of diversification beyond traditional industries.

Beyond the headline numbers, the report points to several structural trends shaping the nation’s investment profile. Capital formation remains largely debt-led, with private credit and bond issuances accounting for the majority of funding. International institutional investors, including development finance institutions, international financial institutions and emerging market credit funds, continue to anchor deal flow, particularly within financial services. At the same time, the use of proceeds has become increasingly strategic, with capital directed toward SME lending, financial inclusion, digital expansion, and balance sheet optimization rather than short-term financing needs. CMM notes that these developments signal a maturing market. Mongolia is not only raising more capital, but doing so in a more deliberate and strategic manner, while engaging a broader and more diverse set of global partners.

The Mongolia DealBook 2025 forms part of CMM’s broader mission to build stronger connections between Mongolia and international capital markets. By improving transparency, identifying active market participants, and offering insight into deal dynamics, the report is intended to support both global investors and Mongolian companies seeking to position themselves for cross-border financing. The data underpinning the report is drawn from publicly available sources. While some transactions, particularly in the mining sector, remain undisclosed, CMM believes the DealBook provides the most comprehensive snapshot to date of Mongolia’s private-sector engagement with foreign capital.

Four countries ratify Eurasian Interim Trade Agreement www.gogo.mn

Mongolia’s three-year interim trade agreement with the Eurasian Economic Union (EAEU) is moving closer to implementation as four parties have completed their domestic ratification procedures.

The agreement, aimed at diversifying foreign trade, reducing dependence on a single market, and expanding exports of agricultural and livestock products, will enter into force 60 days after Mongolia and all EAEU member states finalize ratification and exchange official documents.

So far, Mongolia, the Russian Federation, the Republic of Belarus, and the Republic of Kazakhstan have ratified the agreement. Parliamentary discussions are still ongoing in the Republic of Armenia and the Kyrgyz Republic.

Under the interim agreement, the two sides agreed to apply four types of tariff regulations to 367 goods identified by six-digit Harmonized Commodity Description and Coding System (HS) codes. These measures include the elimination or reduction of customs duties, zero tariffs within designated quotas, and the provision of tariff concessions. The regulations apply exclusively to customs tariffs and do not affect value-added or excise taxes.

Agricultural and livestock products account for 97.5% of Mongolia’s exports covered by the agreement, while 81.7% of imports from the EAEU consist of mineral and chemical products, sectors in which Mongolia has limited domestic production capacity. Industrial goods make up 7.5% of imports.

To protect domestic producers, the agreement includes safeguards such as quotas on essential food items, including wheat and eggs, with customs duties applied if imports exceed the approved limits.

The implementation of the agreement is expected to lower household consumption costs by removing customs duties on essential goods and equipment not produced domestically, reducing import expenses, and eliminating tariffs on 42 types of imported products used in inflation calculations.

Trade facilitation measures are also included, such as tariff preferences for export goods containing more than 50% domestically sourced inputs, self-declaration of origin for goods valued at under 5,000 euros, and the introduction of risk-based inspections. These provisions are expected to reduce administrative and operational costs for businesses.

In preparation for the agreement’s entry into force, Mongolia has been taking steps to improve exporters’ understanding of trade regulations. Relevant agencies from Mongolia and the Russian Federation have jointly organized online training sessions and seminars on foreign trade rules, standards, and quarantine requirements. In cooperation with the Mongolian National Chamber Of Commerce And Industry, research is also underway to identify practical barriers faced by exporters and to provide targeted support for accessing the EAEU market.

In Mongolia, a camel milk production farm is successfully operating www.open.kg

The first camel milk farm in Mongolia aims to present its products, including dairy products made from camel milk. This information is provided by MiddleAsianNews.

Established five years ago with the support of the group of companies Solid Partners, the farm houses 225 camels, of which 160 are females. Seventy camels are involved in the milking process, producing between 140 to 150 liters of milk per day.

Each female camel provides 2.5 liters of milk, which is twice as much as grazing camels. In summer, their productivity can increase to four liters. The use of special milking equipment has significantly increased milk yields and reduced time costs.

The Solid Partners Group provides jobs for 15 people.
The farm produces eight different types of products, including yogurt, drinks, and powdered milk, which are supplied to the domestic market. The company's plans include exporting its products to other countries.

Tsend-Ayush Bayanmunkh, the director of the company, emphasized that to meet domestic demand, it is necessary to milk 60,000 camels, of which 4,000 liters of milk will go for production. However, it is important to establish a market for this product within the country first.

The milk production plant is located in the Dalanjzadgad sum, Umnugovi province, while the main farm is situated in the Khankhongor sum of the same province.

“In the near future, our goal is to increase production volumes to 750 liters per day, using both our own resources and the capabilities of strategic partners. Over the next three years, we aim to achieve 4,000 liters per day by expanding the farm to accommodate 1,000 milking camels and creating three cooperative farms with 200 camels each. Cooperative partners will manage the processes, while we will provide infrastructure support and purchase milk under long-term contracts. The long-term goal of Solid Partners Group is to enter the international market with products made from Mongolian camel milk and create our own brand,” noted Tsend-Ayush Bayanmunkh.

The company Solid Partners Group LLC has all the necessary resources to elevate the Mongolian camel milk industry to a new level, combining traditions, health, innovation, and sustainable development.

Kazakhstan ratifies agreement with Mongolia on pension cooperation www.qazinform.com

Kazakh President Kassym-Jomart Tokayev on Monday signed a law ratifying the Agreement between the Kazakh and Mongolian Governments to cooperate in the pension sector, Qazinform News Agency cites Akorda.
The text of the law is set to be published in the press soon.

By ratifying the agreement, the governments of Kazakhstan and Mongolia are set to cooperation in the pension sector, as well as safeguard the rights of both states’ citizens in pension provision.

Earlier, Qazinform reported Kazakhstan signs an agreement with the AIIB to facilitate sustainable economic growth, regional cooperation. 

S.Davaasuren: Air pollution decreased by 26% compared to the same period last year www.gogo.mn

On February 6, S.Davaasuren, Head of the National Committee's Office, said:

- Comparing December last year with the same period last year, air pollution in the capital decreased by 26%. It also decreased by 26% in January. It is not clear whether the measures against vehicle emissions have been implemented, but rather due to fuel reform and stove reform.

According to laboratory tests, sulfur in semi-coked fuel has decreased by 46% compared to the previous improved fuel.

L.Battur, director of the National Center for Public Health, said his agency monitors health harms linked to air pollution and pays particular attention to carbon-monoxide (CO) poisoning.

He gave figures for 2023–2025: 3,184, 2,830 and 2,267 people poisoned respectively. Death reported; 61 (2023), 53 (2024) and 30 (2025).

Health officials stressed the need to clarify the reasons behind those numbers and to develop prevention measures. They cautioned that the warm season (February–May) brings an increase in CO-poisoning cases and urged the public to follow safety guidance.

Parliament Speaker Uchral Nyam-Osor to Visit Russia www.montsame.mn

 At the invitation of the Chairman of the State Duma of the Federal Assembly of the Russian Federation, Vyacheslav Viktorovich Volodin, Chairman of the State Great Khural (Parliament), Uchral Nyam-Osor, will pay an official visit to the Russian Federation from February 9 to 12, 2026.

The purpose of this visit is to further develop the comprehensive strategic partnership between Mongolia and Russia, maintain the regularity of high- and top-level mutual visits, continue political dialogue, and expand cooperation between the legislative bodies. The visit also aims to create a favorable legal environment for advancing cooperation in the political, economic, business, and trade sectors.

During the visit, Speaker Uchral will hold official meetings with Chairman of the State Duma Vyacheslav Volodin and Chairwoman of the Federation Council Valentina Matviyenko, during which the parties will exchange views on traditional relations between the two neighboring countries and parliamentary cooperation.

Within the framework of the visit, the second meeting of the Joint Commission on Cooperation between the State Great Khural of Mongolia and the Federal Assembly of the Russian Federation will be held in Moscow. The speaker will also meet with the Chairman of the Board of the Eurasian Economic Commission, Bakytzhan Sagintayev, to exchange views on issues related to the implementation of the Interim Trade Agreement concluded between Mongolia and the member states of the Eurasian Economic Union. In addition, he will take part in the Mongolia–Eurasian Economic Union Business Forum.