The athletes of the National Team of Mongolia achieved remarkable success in 2024, collecting a significant number of medals from the Summer Olympics, Paralympics, continental, and world championships.

The National Team of Mongolia consists of 334 members, including 270 athletes, 60 coaches, and four doctors across 26 summer and winter sports disciplines. This year's highlight achievements included silver from the Summer Olympics won by the Honored Athlete of Mongolia B. Baasankhuu, gold medal from the 2024 Paralympics by Hero of Labor of Mongolia U. Surenjav, and silver medals from the Honored Athletes of Mongolia G. Bolor- Erdene, Ts. Battulga, and the Hero of Labor of Mongolia E. Sodnompeljee. Notably, B. Baasankhuu delivered an exceptional performance this year, winning silver at the Olympics, gold at the World Championships, gold at the Asian Championships, and gold at the "Grand Slam."

In 2024, Mongolian athletes earned five medals at the Olympics and Paralympics: one gold and one bronze at the Adult World Championships, one gold and one silver at the Youth World Championships, and one gold at the Junior World Championships. Additionally, they secured five gold, 11 silver, and 16 bronze medals at the Asian Championships; one gold at the Junior Asian Championships; one gold and five bronze medals at the "Grand Slam"; and two gold, two silver, and seven bronze medals at the Grand Prix tournaments.

Furthermore, at the "Paris 2024" Olympic qualification events, Mongolian athletes won five gold, seven silver, and one bronze medal, while at the World Cup, they claimed three gold, one silver, and two bronze medals.

In total, Mongolia's national team won 79 medals in 2024, including 21 gold, 26 silver, and 32 bronze medals.

Australia’s two largest iron ore miners Rio Tinto (ASX: RIO) and BHP (ASX: BHP) are joining forces with BlueScope Steel to develop the country’s largest low-carbon iron-making furnace, to be located in the Kwinana Industrial Area, south of Perth.

The NeoSmelt pilot plant, designed to produce 30,000 to 40,000 tonnes of molten iron annually, will initially operate using a mix of natural gas and hydrogen.

The facility will reduce iron ore to direct reduced iron (DRI) as part of efforts to lower emissions in steel production, the companies said in a statement.

It aims to test and optimize the production of iron using the electric smelting furnace (ESF). This type of furnace is being developed by steel producers and technology companies with a focus on reducing CO2 emission intensity in the sector, the partners said.

This “green iron” project was first revealed in February, but without key details such as its location. It aims to assist steelmakers worldwide in reducing their carbon footprint while relying on Australian iron ore.

If successful, the technology could slash emissions by up to 80%, provided renewable energy and green hydrogen are utilized.

Woodside Energy (ASX: WDS) is expected to join as an equal equity partner in the collaborative effort. The company will also serve as the project’s energy supplier, pending finalization of commercial agreements.

The project will advance to feasibility studies in the second quarter of 2025, with a final investment decision anticipated in 2026. Operations are projected to commence in 2028.

If successful, the technology could slash emissions by up to 80%, provided renewable energy and green hydrogen are utilized. This innovation has the potential to facilitate near-zero greenhouse gas emissions for steelmakers processing Australian iron ore, meeting growing global demand for sustainable steel production.

Steel production, a cornerstone material for infrastructure and the energy transition to net zero, currently accounts for approximately 8% of global carbon emissions. More than 70% of steel is produced using coal, underscoring the importance of the shift towards greener production methods.

The following laws will be implemented from January 1, 2025 in Mongolia.

The current minimum wage in Mongolia is MNT 660,000 per month in 2024. It will be MNT 792,000 from January 1, 2025. Minimum wage of Mongolia has been increasing every year since 1995. At this time, minimum wage was MNT 9600.

According to the Amendments to Article 12 of the Law on Herders, Mongolia will improve access to financial services for herders. As a result of this, cooperation and connection between banks, factories and herders will be improved. Working and living conditions of herders in their communities will improve furthermore. It will also increase the range of loan and insurance products for herders.

Amendments to the Law on the Elderly will be implemented starting next year. Average aging of Mongolia is increasing year after year. Thus, the number of elderly people in the working-age population is expected to increase from one in 10 in 2010 to one in 4 by 2040. Therefore, it has been decided to amend the law to encourage the continued employment of the elderly in order to provide a stable source of income for the elderly.

At last, Amendments to the law on personal income tax has been made. The amount of the discount shall not exceed 1 percent of the taxable income for the tax year.

The Ministry of Labor and Social Protection, the Asian Productivity Organization, and the Mongolian Productivity Organization jointly organized the Productivity Revolution conference today, December 17, 2024, with the goal of defining a national productivity strategy and accelerating the productivity movement at a national level.

As of today, Mongolia's average labor productivity is 3.6 times lower than the global average and 5.4 times lower compared to South Korea.

Labor productivity and wages are directly correlated. In Mongolia, the mining and information technology sectors demonstrate the highest productivity and provide the highest wages.

Therefore, the government plans to launch a productivity revolution by formulating and implementing policies, regulations, and measures aimed at increasing productivity across all levels of the public and private sectors.

Efforts will focus on supporting intellectual labor, increasing remote and digital work opportunities, and progressively improving Mongolian workers' labor productivity and wages on an annual basis.

Additionally, steps will be taken to ensure occupational safety at all levels, establish decent workplaces, and build a productivity ecosystem.

Translated by ChatGPT

A climate fund managed by Swiss impact asset manager responsAbility strengthens its partnership with Khan Bank, Mongolia’s largest financial institution, through a renewed financing facility of USD 15 million. The funding aims to support energy efficiency and renewable energy projects and reduce CO₂ emissions in a country that is one of the world’s most affected by climate change.

Mongolia ranks among the most climate-vulnerable countries in the world, facing extreme climatic challenges. Over the past 70 years, the average temperature has increased by 2.07°C, resulting in more frequent and intense extreme weather events such as long winter periods (Dzud), droughts, floods, desertification, and sandstorms. Particularly affected is the capital, Ulaanbaatar, where nearly all power and heat are derived from coal-fired power plants. This dependency leads to extremely high emission levels - especially in winter, when pollution levels exceed WHO-recommended limits by up to 27 times - making Ulaanbaatar one of the world’s most polluted cities.

Projects financed by Khan Bank and climate impact

Under this partnership several energy efficiency projects have already been financed, contributing to both CO₂ reduction and improved living conditions in Mongolia. These include:

USD 14.9 million for energy-efficient industrial equipment: Supporting Mongolia’s food and dairy industries by introducing modern equipment, which strengthens livelihoods in the country’s nomadic communities reliant on livestock and dairy production.

USD 4.6 million for energy-efficient greenhouses: Introducing innovative greenhouse technologies enable year-round vegetable production under extreme weather conditions, bolstering food security and reducing reliance on imports.

USD 2.7 million for energy-efficient building measures: Projects such as the modernization of the historic Ulaanbaatar Hotel enhance energy efficiency, reduce emissions, and improve the quality of urban life.

As of Q2 2024, these projects have achieved remarkable results, saving 260,152 MWh of energy - equivalent to the annual consumption of 40,000 average Mongolian households1 - and reducing CO₂ emissions by 0.25 million tons, comparable to the annual emissions of approximately 54,000 cars2.

Khan Bank: a dedicated and innovative partner in green finance

Since partnering with responsAbility in 2021, Khan Bank emerged as a leader in green finance in Mongolia, leveraging its nationwide presence and innovative approaches to drive sustainability. For its contributions, Khan Bank received an Honorable Mention at the Global Climate Partnership Award in 2024. Special recognition was given to its sustainable loans for nomadic herders who practice certified environmentally friendly techniques. These projects model the integration of climate mitigation and adaptation measures and play a key role in counteracting land degradation from overgrazing in Mongolia.

David Diaz Formidoni, Head of Financial Institutions Investments, Climate Finance at responsAbility, said: “Our continued collaboration with Khan Bank reinforces our shared vision of a more sustainable and resilient Mongolian economy. The innovative projects enabled by this partnership make a valuable contribution to CO₂ reduction and to improving living standards in one of the world’s most climate-vulnerable countries.”

Erdenedelger Bavlai, First Deputy CEO of Khan Bank, said: “Green finance lies at the heart of our corporate strategy. Partnering with responsAbility allows us to implement innovative solutions to combat climate change and reduce CO₂ while supporting our local communities. Together, we are dedicated to creating a more sustainable future for Mongolia.”

About responsAbility Investments AG

responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns.

Since its inception in 2003, responsAbility has deployed over USD 15.7 billion in impact investments. With over 270 employees collaborating across 8 offices, as of 30 September 2024 the company manages USD 5.1 billion in assets across approximately 300 portfolio companies in around 70 countries. Since 2022, responsAbility has been part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.

About Khan Bank

Khan Bank serves over 82% of its population, offering comprehensive banking services through its 547 branches and digital platforms. Over the past decade, the Bank has prioritized sustainable development, promoting environmentally responsible products and solutions to support Mongolia’s transition to greener future.

Mongolia's foreign trade turnover grew by 13.4 percent year-on-year in the first 11 months of 2024, reaching 25.2 billion U.S. dollars, according to official data by the country's National Statistics Office on Tuesday.

The Asian nation recorded a trade surplus, with exports exceeding imports by approximately 4.0 billion dollars, the data showed.

This growth was primarily driven by a significant increase in the export of mining products, which accounted for over 90 percent of Mongolia's total exports during the January-November period.

During the period, Mongolia engaged in trade with 158 economies globally.

On December 16, for approximately 20 minutes commencing at 10:00 a.m., Ms. IKUINA Akiko, Parliamentary Vice-Minister for Foreign Affairs received a courtesy call from Mr. Khishgee Nyambaatar, Governor of the Capital City and Mayor of Ulaanbaatar, Mongolia. The overview is as follows.

At the outset, Parliamentary Vice-Minister Ikuina welcomed Mayor Nyambaatar’s visit to Japan and extended her congratulations on the 100th anniversary of the renaming of the capital city of Mongolia to “Ulaanbaatar.” Parliamentary Vice-Minister Ikuina emphasized that Japan will never forget the heart-warming assistance provided by the City of Ulaanbaatar to the victims of the 2024 Noto Peninsula Earthquake and stated that Japan will continue to make whole of government efforts towards the recovery and reconstruction of the affected areas.

Parliamentary Vice-Minister Ikuina welcomed the multifaceted progress in the cooperation between Japan and Mongolia under the “Special Strategic Partnership for Peace and Prosperity,” and stated that Japan seeks to continue to steadily promote cooperation based on the “Action Plan” in accordance with the “Joint Statement” issued by the two leaders of both countries in 2022. In addition, while mentioning the 50th anniversary of the exchange of diplomatic notes on cultural exchange between the two countries this year, Parliamentary Vice-Minister Ikuina expressed that she hopes that Mayor Nyambaatar would make efforts to further promote people-to-people exchanges between the two countries over the next 50 years.

In response, Mayor Nyambaatar expressed his gratitude for the assistance Japan had been providing over the years towards the various issues facing Ulaanbaatar, and introduced related efforts made by the City of Ulaanbaatar.

Gas pioneer TMK Energy has taken a major step toward commercial gas production at its mammoth Gurvantes project in Mongolia, signing a binding memorandum of understanding (MoU) with German-backed power generation provider Jens Energie LLC to import a gas fired power plant from Germany in early 2025 at no cost to TMK.

The agreement paves the way for TMK to become Mongolia’s first coal seam gas-to-power project, with electricity set to flow from TMK’s mammoth Gurvantes XXXV coal seam gas project to the local grid as soon as next year.

A gas-fired power plant in Germany similar to the one to be imported to begin production at TMK’s Gurvantes coal seam gas project in Mongolia.

A gas-fired power plant in Germany similar to the one to be imported to begin production at TMK’s Gurvantes coal seam gas project in Mongolia.

Under the MoU, Jens will pick up the cost of install a gas-fired power plant imported from Germany to TMK’s six-well Lucky Fox pilot production site. The generator is expected to be operational by April next year, converting pilot gas output into electricity for local customers.

In turn, TMK must deliver a minimum 5000 cubic metres of gas per day – or about 0.2 terra joules - by the end of financial year.

Under the terms of the agreement, TMK must deliver a minimum 5000 cubic metres of gas per day – or about 0.2 terra joules - by the end of financial year.

‘We will be working collaboratively with Jens over the coming months to put in place the pieces to allow the first coal seam gas production in Mongolia...’

TMK CEO Dougal Ferguson

When production milestones are met, Jens will purchase up to 15,000 cubic metres of gas per day for an initial two-year period, with the option to extend the contract for an additional two years.

Jens will handle all the necessary regulatory approvals to generate and supply electricity into Mongolia’s local grid. The arrangement means TMK can focus on its gas production while also generating early-stage revenue to offset any additional pilot well installation costs.

Jens Energie says it has successfully operated gas-fired power plants in Europe for more than 15 years and believes the quid pro quo agreement is a major milestone in establishing gas-fired power generation for the growing Mongolian market.

Advertisement

TMK CEO Dougal Ferguson said: “We will be working collaboratively with Jens over the coming months to put in place the pieces to allow the first coal seam gas production in Mongolia to be beneficially used for power generation, commencing the pathway to energy independence utilising Mongolia’s vast coal seam gas resources.”

TMK says the milestone MoU further solidifies it as a frontrunner to deliver critical energy solutions for Mongolia as it transitions away from coal towards cleaner, gas-based power sources.

Located in the South Gobi desert, a region known for its mammoth coal deposits, the Gurvantes XXXV project holds a 1.2 trillion cubic feet (Tcf) contingent resource, with further upside potential from its 5.3Tcf prospective resource.

The company’s recent progress comes just 12 months after it acquired 100 per cent ownership of the Gurvantes project, which is seriously close to northern China’s gas pipelines and has mammoth development potential.

It offers TMK a platform to become a key player serving the broader Asian energy landscape.

Management maintains it can achieve the commercial gas rates required from the very thick coal seams at its Lucky Fox pilot area, which run up to 6om. It believes sustainable revenue and further positive reports are yet to come as TMK continues to accelerate its transformation from explorer to producer.

The rapid installation of the gas-fired power plant marks a critical next step in TMK’s path to production, offering a tangible revenue stream for more pilot wells while demonstrating the project’s broader commercial viability to organically grow.

The savings in Tugrug, the national currency of Mongolia, reached MNT 20.7 trillion as of the end of October 2024, an increase of MNT 94 billion (0.5 percent.) Compared to the same period of 2023, the total amount of Tugrug savings increased by 5.4 trillion, or 34.9 percent.

Of the total Tugrug savings, MNT 17.9 trillion (86.4 percent) is made by individuals, whereas MNT 2.8 trillion (13.6 percent) by enterprises.

Savings in foreign currency reached MNT 4.5 trillion, an increase of 5.3 billion (0.1 percent) compared to the previous month. However, savings in foreign policy decreased by an equivalent of MNT 445.1 billion (9.1 percent,) compared to the same period last year, according to the National Statistics Office of Mongolia.