Washington, DC – The U.S. Government’s Millennium Challenge Corporation (MCC) and the Alliance to Save Energy hosted an event today highlighting the innovative $47.2 million renewable energy and energy efficiency project that MCC is funding as part of its compact with the Government of Mongolia. The event featured keynote remarks by MCC Chief Executive Officer Daniel Yohannes and a panel discussion with regional and sector experts including Mongolian Ambassador Khasbazaryn Bekhbat, MCC Implementation Director Courtenay Engelke, and Alliance to Save Energy Director Laura Van Wie McGrory.
MCC recognizes that environmental stewardship and conservation are essential components of reducing poverty through sustainable economic growth. Mongolia’s MCC compact is working to create long-term growth through critical investments in the country’s environmental sector.
“MCC is proud to collaborate on innovative projects with our partner countries, such as Mongolia, that share MCC’s commitment to a cleaner global environment,” said MCC CEO Daniel Yohannes. “MCC works with partner countries to design effective poverty reduction and economic growth strategies, which not only increase incomes and improve social well-being, but also provide incentives for adopting environmentally sustainable practices” Mr. Yohannes added.
The MCC compact program in Mongolia includes projects in clean energy, health, education, and property rights. The compact’s clean energy component, discussed at today’s event, funds consumer subsidies and awareness campaigns that promote the introduction of energy efficient products to Mongolian consumers. The project supports products, including as heat-only or low-pressure boilers, and thermal heating, insulation, as well as mortgages for new efficient homes.
Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth. For more information, please visit www.mcc.gov.