Mongol dream beyond fossil fuels: Prosperity of greenification

The current world situation under the coronavirus epidemic puts pressure on the commodity-based economy and signals the need to seek other options for diversifying export products while strengthening regional cooperation. Over the last four months of the epidemic period, Mongolia has temporarily suspended commodity transport to China which takes over 60% of total exports. Moreover, the fossil fuel market is in a critical situation, not only because of the current epidemic but also because the modern world has been gradually moving towards greener development. Today, we face two additional problems: strengthening the economic stability of the country and mitigating greenhouse gas emissions. This article analyses how renewable energy export could stabilize and support the country's macroeconomic situation. The article proposes using green energy to diversify export options as soon as possible. This research work focused on the Northeast Asian Super Grid Initiative and Gobitec project by reviewing renewable energy impacts in environmental, economic, and social circumstances. (c) 2021 Elsevier Ltd. All rights reserved.

Automated summary

The current world situation under the coronavirus epidemic has put pressure on commodity-based economies, leading to the need to seek other options for export diversification. Mongolia recently suspended commodity transport to China, and the article suggests using renewable energy to stabilize and support the country's macroeconomic situation.