Renewable energy in the Asian steppe
A Mongolian bank is using targeted loans to drive the adoption of renewable energy. With 2,500 hours of sunshine a year, Mongolia is harnessing solar power and driving a development boom.
With the possibility of harnessing solar power from 2,500 hours of sunshine a year, mobile phones and televisions are becoming increasingly important
Traditionally, Mongolia’s pastoral nomads were almost completely isolated. But with new solar technology, change is happening fast.
People with modest incomes can now afford energy; solar power has triggered a veritable development boom.
Thanks to mobile solar technology, the Ganbaatar family can enjoy access to electricity and a window to the world in their yurt.
Retailer Purevdorj sells package solutions comprising imported solar systems, batteries and energy-efficient equipment. Purevdori funds its imports via energy loans from Mongolia’s XacBank HQ Bldg (“XacBank”).
XacBank finances companies like ANU Services, which supplies heating to large public buildings such as schools.
Most recently, ANU has been using state-of-the-art heating boilers that require 24% less coal for the same output.
There is now less smog in Mongolia thanks to energy-efficient boilers and hybrid cars: Environmental loans from XacBank are supporting this development.
XacBank has been working with responsAbility and financing its energy loans through climate investments.