Mongolia
Steppe change
Over the space of a single generation, the landlocked central Asian nation of Mongolia has seen dizzying economic and social changes. In 1991, the country was communist, dominated by pastoral agriculture, and with a largely nomadic population. Less than thirty years later, a deregulated market economy is well established; heavy industry and mining for coal, copper and gold have transformed Mongolia’s exports; and rapid urbanisation has seen the capital Ulaanbaatar double in size inside just 10 years. But this neoliberal transformation has come at a heavy price - and COVID-19 has hit Mongolia hard as a result.
Mongolia's breakneck industrialisation drove double-digit GDP growth in the early part of the 21st century. But the 2008 global recession, and the associated slump in global commodity prices, caused a severe economic downturn, highlighting the fragility of commodity-led economic growth - a cycle that is now repeating itself as Mongolia struggles with a global COVID-19 recession.
Stringent containment measures have hit Mongolia's export industries hard, and the government's ability to respond to new economic challenges has been severely curtailed by the legacy of high public debt (approx 70% of GDP). Some support packages aim to provide social support to households through tax exemptions, lower fuel prices, etc, but green measures are largely absent and unconditional support has been offered to Mongolia's environmentally-damaging extractives sector.
The unpredictability of boom-bust export cycles isn’t the only problem. Traditionally known as the Land of the Eternal Blue Sky, Mongolia’s air is now amongst the most polluted in the world, thanks to heavy industry, explosive population growth, and a reliance on brown coal for heating and electricity. Meanwhile, soil degradation, over-grazing and water pollution have meant that the legendary Mongolian steppe – birthplace of Genghis Khan and one the world’s largest remaining grassland ecologies – is now rapidly turning to desert.
Recognising that this situation was unsustainable, the Mongolian government has embraced the concept of green economy with some fervour. As a founding member of the UN Partnership for Action on Green Economy, the country’s Green Development Policy and the Sustainable Development Vision, launched 2014 and 2016 respectively, lay out a sweeping programme of change across six strategic cores, 51 targets, and 255 activities.
With $5.5 billion in support from the IMF, Mongolia now has – on paper at least – one of the most ambitious economic reform agendas in the world. An end to poverty through green jobs, the mass restoration of soil and water, and the creation of an entirely new green finance sector are all planned. Mongolia is now aiming to be placed among the top 30 countries on the Global Green Economy Index – no mean feat considering its current ranking of 79thout of 80.
Mongolia’s green national plan is best-in-class. Implementation, however, is another matter. Coal and copper exports still provide +30% of the national GDP; and alongside the green vision, other government targets include expanding coal mining to meet anticipated Chinese demand. Decarbonisation measures are conspicuous by their absence. And efforts to address growing inequality – especially amongst the new precariat of urbanising nomads – are yet to have much impact.
One of the most environmentally degraded countries in the world, Mongolia knows better than most the costs of inaction on the path to sustainability. For now, laudable legislative ambition means that at least the country is facing the right direction. How fast it can scale up its transition remains to be seen.
Policy Scores
Last updated 18 Dec 2025
Governance
National Green Economy Planning
Mongolia does not publish a single, consolidated “green economy plan,” but key elements are embedded across its “Vision-2050” Long-Term Development Policy (adopted by Parliament in 2020), the New Revival Policy (post-COVID medium-term strategy), and climate instruments (NDC, NAP/LT-LEDS in preparation). Vision-2050 integrates green development and conservation into long-term national planning, while the New Revival Policy coordinates recovery and growth across six pillars, including green development, with a dedicated implementation accelerator. The 2025 National Adaptation Plan also cross-references Vision-2050 and the New Revival Policy and links near-term investment and adaptation measures to these frameworks. Together, these documents set direction to 2050 and 2030, but they are distributed across multiple strategies rather than one binding green-economy statute.
Mongolia does not publish a single, consolidated “green economy plan,” but key elements are embedded across its “Vision-2050” Long-Term Development Policy (adopted by Parliament in 2020), the New Revival Policy (post-COVID medium-term strategy), and climate instruments (NDC, NAP/LT-LEDS in preparation). Vision-2050 integrates green development and conservation into long-term national planning, while the New Revival Policy coordinates recovery and growth across six pillars, including green development, with a dedicated implementation accelerator. The 2025 National Adaptation Plan also cross-references Vision-2050 and the New Revival Policy and links near-term investment and adaptation measures to these frameworks. Together, these documents set direction to 2050 and 2030, but they are distributed across multiple strategies rather than one binding green-economy statute.
Inclusive Corporate Governance
Mongolia’s Company Law (amended 2022) requires listed companies to have independent directors but does not mandate employee representation on boards. The National Committee on Gender Equality promotes women’s participation in leadership, and government reports indicate incremental progress, yet no binding gender quota for corporate boards exists. ESG disclosure is voluntary: the Mongolian Stock Exchange has issued guidance aligned with IFC performance standards and UN SDGs, but uptake is limited. Public consultations on policy reforms, including the Vision 2050 long-term development strategy, are conducted but remain top-down in structure.
Mongolia’s Company Law (amended 2022) requires listed companies to have independent directors but does not mandate employee representation on boards. The National Committee on Gender Equality promotes women’s participation in leadership, and government reports indicate incremental progress, yet no binding gender quota for corporate boards exists. ESG disclosure is voluntary: the Mongolian Stock Exchange has issued guidance aligned with IFC performance standards and UN SDGs, but uptake is limited. Public consultations on policy reforms, including the Vision 2050 long-term development strategy, are conducted but remain top-down in structure.
Participatory Policymaking
At the national level, Mongolia mandates consultation and participation through the Law on Legislation (revised), which governs drafting procedures and public input, and the dedicated Law on Public Hearing (2015) that requires state bodies to hold hearings and ensure civil participation in specified oversight matters. Regulatory and project-level assessment is underpinned by the Environmental Impact Assessment Law (revised) and related participation procedures. Mongolia is also an active member of the Open Government Partnership, with a four-year 2023–2027 Action Plan reviewed by OGP’s Independent Reporting Mechanism. Practice varies by sector and level of government, but the legal architecture for consultation exists and is being iterated.
At the national level, Mongolia mandates consultation and participation through the Law on Legislation (revised), which governs drafting procedures and public input, and the dedicated Law on Public Hearing (2015) that requires state bodies to hold hearings and ensure civil participation in specified oversight matters. Regulatory and project-level assessment is underpinned by the Environmental Impact Assessment Law (revised) and related participation procedures. Mongolia is also an active member of the Open Government Partnership, with a four-year 2023–2027 Action Plan reviewed by OGP’s Independent Reporting Mechanism. Practice varies by sector and level of government, but the legal architecture for consultation exists and is being iterated.
Beyond GDP
The National Statistics Office of Mongolia (NSO) compiles and publishes SEEA-based Environmental–Economic Accounts, including material flows, environmental taxes, environmental protection expenditure, and other modules; a 2023/2024 NSO compendium summarises recent results. Mongolia has also formally supported implementation of SEEA Ecosystem Accounting at the UN Statistical Commission. These are solid building blocks for beyond-GDP metrics, although a comprehensive wealth framework integrating human, social, produced, natural and financial capital across the policy cycle is still emerging.
The National Statistics Office of Mongolia (NSO) compiles and publishes SEEA-based Environmental–Economic Accounts, including material flows, environmental taxes, environmental protection expenditure, and other modules; a 2023/2024 NSO compendium summarises recent results. Mongolia has also formally supported implementation of SEEA Ecosystem Accounting at the UN Statistical Commission. These are solid building blocks for beyond-GDP metrics, although a comprehensive wealth framework integrating human, social, produced, natural and financial capital across the policy cycle is still emerging.
Finance
Green Finance & Banking
The Bank of Mongolia has introduced guidelines on sustainable finance through the Mongolia Sustainable Finance Initiative, supported by IFC since 2013. In 2020 the Green Taxonomy was adopted, identifying eligible green activities, and in 2023 the Ministry of Finance published an implementation roadmap. Several commercial banks issue green loans under this framework, and the country issued its first sovereign green bond (2023) to finance renewable-energy and air-pollution-reduction projects. However, climate-risk stress testing is not yet part of financial supervision, and disclosure is mostly voluntary.
The Bank of Mongolia has introduced guidelines on sustainable finance through the Mongolia Sustainable Finance Initiative, supported by IFC since 2013. In 2020 the Green Taxonomy was adopted, identifying eligible green activities, and in 2023 the Ministry of Finance published an implementation roadmap. Several commercial banks issue green loans under this framework, and the country issued its first sovereign green bond (2023) to finance renewable-energy and air-pollution-reduction projects. However, climate-risk stress testing is not yet part of financial supervision, and disclosure is mostly voluntary.
Greening Fiscal & Monetary Policy
"Mongolia’s Vision 2050 strategy and its National Sustainable Finance Roadmap (approved March 2022) propose 25 strategic actions across six pillars to shift the financial system toward sustainability. The Bank of Mongolia’s 2025 Monetary Policy Guidelines explicitly include sustainable finance as a priority. The Mongolian Sustainable Finance Principles (2014) and related sectoral guidance outline initial environmental and social risk management expectations for financial institutions. A guideline for climate-related financial disclosure, launched in early 2025, supports voluntary risk reporting by banks. While these initiatives are advancing green finance, the country lacks a formal, mandatory climate stress testing framework and full integration of environmental risk into fiscal and monetary policies.
"Mongolia’s Vision 2050 strategy and its National Sustainable Finance Roadmap (approved March 2022) propose 25 strategic actions across six pillars to shift the financial system toward sustainability. The Bank of Mongolia’s 2025 Monetary Policy Guidelines explicitly include sustainable finance as a priority. The Mongolian Sustainable Finance Principles (2014) and related sectoral guidance outline initial environmental and social risk management expectations for financial institutions. A guideline for climate-related financial disclosure, launched in early 2025, supports voluntary risk reporting by banks. While these initiatives are advancing green finance, the country lacks a formal, mandatory climate stress testing framework and full integration of environmental risk into fiscal and monetary policies.
Green Trade Practices
Mongolia integrates sustainability mainly through its financial-sector framework rather than trade pacts. It adopted a National Sustainable Finance Roadmap (2018–2030) and formed a Green Taxonomy Committee in 2019, which issued the Mongolian Green Taxonomy used for bank lending and supervision. Trade agreements—principally the Japan–Mongolia Economic Partnership Agreement (in force 2016) and EU GSP+ preferences—contain no binding sustainable-development chapter with environmental-goods/services liberalisation, carbon-pricing interoperability, or UNFCCC/CBDR-linked market-access exemptions. Mongolia is exploring carbon-market readiness via a UNDP–GCF initiative but has no operational carbon tax or emissions trading system. Sustainability goals referenced in Vision-2050 and the Green Development Policy are not embedded in trade accords.
Mongolia integrates sustainability mainly through its financial-sector framework rather than trade pacts. It adopted a National Sustainable Finance Roadmap (2018–2030) and formed a Green Taxonomy Committee in 2019, which issued the Mongolian Green Taxonomy used for bank lending and supervision. Trade agreements—principally the Japan–Mongolia Economic Partnership Agreement (in force 2016) and EU GSP+ preferences—contain no binding sustainable-development chapter with environmental-goods/services liberalisation, carbon-pricing interoperability, or UNFCCC/CBDR-linked market-access exemptions. Mongolia is exploring carbon-market readiness via a UNDP–GCF initiative but has no operational carbon tax or emissions trading system. Sustainability goals referenced in Vision-2050 and the Green Development Policy are not embedded in trade accords.
Pricing Carbon
Mongolia does not currently implement a national carbon tax or emissions trading system. The World Bank Carbon Pricing Dashboard confirms no direct carbon pricing instruments are in force. The country’s NDC targets a 27.2% emissions reduction by 2030, and the Country Climate and Development Report (CCDR) outlines the need for over $10 billion in investment over 25 years to meet climate goals. Sectoral mitigation strategies exist, but no legally binding carbon budget framework is in place.
Mongolia does not currently implement a national carbon tax or emissions trading system. The World Bank Carbon Pricing Dashboard confirms no direct carbon pricing instruments are in force. The country’s NDC targets a 27.2% emissions reduction by 2030, and the Country Climate and Development Report (CCDR) outlines the need for over $10 billion in investment over 25 years to meet climate goals. Sectoral mitigation strategies exist, but no legally binding carbon budget framework is in place.
Sectors
Cross-Sectoral Planning
"Mongolia’s Vision 2050 and the New Recovery Policy (initiated 2021) feature sectoral goals across energy, agriculture, and urban development. These include climate-smart agriculture, energy efficiency measures, and initiatives to strengthen urban climate resilience. Although strong sectoral measures are in place, oversight remains decentralized, and there is no dedicated inter-ministerial body coordinating green economy planning at the national level.
"Mongolia’s Vision 2050 and the New Recovery Policy (initiated 2021) feature sectoral goals across energy, agriculture, and urban development. These include climate-smart agriculture, energy efficiency measures, and initiatives to strengthen urban climate resilience. Although strong sectoral measures are in place, oversight remains decentralized, and there is no dedicated inter-ministerial body coordinating green economy planning at the national level.
Circular Economy
Mongolia embeds circular principles through the Law on Waste (2017) and the National Waste Management Improvement Strategy and Action Plan 2017–2030, promoting 3R practices and extended producer responsibility. Vision-2050 emphasises circular resource use and pollution reduction, while Ulaanbaatar has banned single-use plastic bags and coal burning in designated areas, and is implementing a Sustainable Public Procurement Action Plan (2025) with SWITCH-Asia support. Despite these advances, Mongolia has no economy-wide Circular Material Use Rate (CMUR) target or unified circular-economy law/roadmap.
Mongolia embeds circular principles through the Law on Waste (2017) and the National Waste Management Improvement Strategy and Action Plan 2017–2030, promoting 3R practices and extended producer responsibility. Vision-2050 emphasises circular resource use and pollution reduction, while Ulaanbaatar has banned single-use plastic bags and coal burning in designated areas, and is implementing a Sustainable Public Procurement Action Plan (2025) with SWITCH-Asia support. Despite these advances, Mongolia has no economy-wide Circular Material Use Rate (CMUR) target or unified circular-economy law/roadmap.
Green Transport & Mobility
Mongolia is advancing electro-mobility through a draft national EV policy and action plan prepared with UNESCAP and the Ministry of Road and Transport Development. By late 2024 the country had about 1,670 electric vehicles, including 213 electric buses, and is expanding charging infrastructure and maintenance facilities. Projects such as the World Bank and ADB-financed BRT corridors and the planned Ulaanbaatar metro line support public-transport electrification. Nonetheless, Mongolia lacks binding 2030 targets for full electrification of public, private, and freight transport, and incentives remain limited while the grid is largely coal-powered.
Mongolia is advancing electro-mobility through a draft national EV policy and action plan prepared with UNESCAP and the Ministry of Road and Transport Development. By late 2024 the country had about 1,670 electric vehicles, including 213 electric buses, and is expanding charging infrastructure and maintenance facilities. Projects such as the World Bank and ADB-financed BRT corridors and the planned Ulaanbaatar metro line support public-transport electrification. Nonetheless, Mongolia lacks binding 2030 targets for full electrification of public, private, and freight transport, and incentives remain limited while the grid is largely coal-powered.
Clean Energy
"Mongolia set a target of 30% renewable energy capacity by 2030. Amendments to the 2007 Renewable Energy Law introduced feed-in tariffs, reverse auctions, and tax incentive mechanisms. The country inaugurated its first 10 MW Murun solar plant in late 2023 and launched a solar-wind-storage tender aiming to add 500 MW by 2028 with support from the EBRD. Grid modernization efforts are underway, though coal continues to dominate power generation and no formal target exists for 90% final energy renewables.
"Mongolia set a target of 30% renewable energy capacity by 2030. Amendments to the 2007 Renewable Energy Law introduced feed-in tariffs, reverse auctions, and tax incentive mechanisms. The country inaugurated its first 10 MW Murun solar plant in late 2023 and launched a solar-wind-storage tender aiming to add 500 MW by 2028 with support from the EBRD. Grid modernization efforts are underway, though coal continues to dominate power generation and no formal target exists for 90% final energy renewables.
Just Transition
Green Job Creation
"Mongolia’s Green Development Policy and Action Plan (2014) and the updated sectoral strategy under Vision 2050 map out employment opportunities in renewable energy, ecosystem restoration, and sustainable tourism. The Sustainable Finance Roadmap includes development plans for green finance mechanisms that can support job creation. Community-driven initiatives like the “Billion Tree Fund” engage herders in ecological restoration work. A national plan aligning with decent work standards is under development.
"Mongolia’s Green Development Policy and Action Plan (2014) and the updated sectoral strategy under Vision 2050 map out employment opportunities in renewable energy, ecosystem restoration, and sustainable tourism. The Sustainable Finance Roadmap includes development plans for green finance mechanisms that can support job creation. Community-driven initiatives like the “Billion Tree Fund” engage herders in ecological restoration work. A national plan aligning with decent work standards is under development.
Just Transition Frameworks
Mongolia is developing an explicit Just Energy Transition (JET) framework with UN-backed technical support to design a national JET framework and align it with NDC 3.0; national and city-level dialogues and pilots (e.g., Nalaikh district transition strategy to 2040) highlight coal-to-clean pathways and social measures. National policy documents (Vision-2050; New Revival Policy) recognise green development, but a single binding, cross-sector just transition framework with sectoral guidance and benefit-sharing mechanisms is still in formation.
Mongolia is developing an explicit Just Energy Transition (JET) framework with UN-backed technical support to design a national JET framework and align it with NDC 3.0; national and city-level dialogues and pilots (e.g., Nalaikh district transition strategy to 2040) highlight coal-to-clean pathways and social measures. National policy documents (Vision-2050; New Revival Policy) recognise green development, but a single binding, cross-sector just transition framework with sectoral guidance and benefit-sharing mechanisms is still in formation.
Greening MSMEs & Social Enterprise
The SME Development Fund provides concessional loans, some earmarked for renewable energy and eco-friendly technologies, and donor-backed initiatives (e.g., UNDP’s Green Business Project) support small enterprises adopting sustainable models. However, there is no legal definition of social enterprise, and support for green MSMEs is fragmented. The National Program on Green Development (2014–2030) highlights SMEs’ role in the green transition, but implementation has been uneven.
The SME Development Fund provides concessional loans, some earmarked for renewable energy and eco-friendly technologies, and donor-backed initiatives (e.g., UNDP’s Green Business Project) support small enterprises adopting sustainable models. However, there is no legal definition of social enterprise, and support for green MSMEs is fragmented. The National Program on Green Development (2014–2030) highlights SMEs’ role in the green transition, but implementation has been uneven.
Inclusive Social Protection
"The “Eternal Mongolia” climate finance deal (April 2024) secures roughly US $198 million tied to environmental and social outcomes, benefiting herder communities. Mongolia’s National Adaptation Plan incorporates climate-resilient livelihood measures. The Child Money Program has expanded climate-sensitive safety nets. Support from the World Bank’s “From Relief to Resilience” initiative and ADB-backed programs help build financial and legal resilience. Despite these steps, a fully integrated national social protection policy aligned with green transition goals has not yet been established.
"The “Eternal Mongolia” climate finance deal (April 2024) secures roughly US $198 million tied to environmental and social outcomes, benefiting herder communities. Mongolia’s National Adaptation Plan incorporates climate-resilient livelihood measures. The Child Money Program has expanded climate-sensitive safety nets. Support from the World Bank’s “From Relief to Resilience” initiative and ADB-backed programs help build financial and legal resilience. Despite these steps, a fully integrated national social protection policy aligned with green transition goals has not yet been established.
Nature
Ocean & Land Conservation
The National Biodiversity Program 2015–2025 (Government Resolution No. 325) serves as Mongolia’s current biodiversity strategy and implementation plan under the Convention on Biological Diversity (CBD). In 2024, Mongolia launched “Eternal Mongolia”, a Project Finance for Permanence (PFP) initiative co-led with The Nature Conservancy, to secure long-term funding and policy commitments for protected areas and community-managed lands.
The program supports Mongolia’s goal of conserving 30% of its land by 2030, in line with the Kunming–Montreal Global Biodiversity Framework (GBF). Progress updates in 2025 confirm that financing and management effectiveness are improving, and government ministries have linked the initiative directly to Vision-2050 goals.
The National Biodiversity Program 2015–2025 (Government Resolution No. 325) serves as Mongolia’s current biodiversity strategy and implementation plan under the Convention on Biological Diversity (CBD). In 2024, Mongolia launched “Eternal Mongolia”, a Project Finance for Permanence (PFP) initiative co-led with The Nature Conservancy, to secure long-term funding and policy commitments for protected areas and community-managed lands.
The program supports Mongolia’s goal of conserving 30% of its land by 2030, in line with the Kunming–Montreal Global Biodiversity Framework (GBF). Progress updates in 2025 confirm that financing and management effectiveness are improving, and government ministries have linked the initiative directly to Vision-2050 goals.
Natural Capital Accounting
Mongolia is an active participant in the WAVES partnership (World Bank) and is developing SEEA-aligned natural capital accounts for water, forests, rangelands, and minerals. The National Statistics Office publishes annual Environmental-Economic Accounts (latest 2024 release). However, integration of these accounts into fiscal and budgetary planning remains limited, and no permanent independent natural capital committee exists.
Mongolia is an active participant in the WAVES partnership (World Bank) and is developing SEEA-aligned natural capital accounts for water, forests, rangelands, and minerals. The National Statistics Office publishes annual Environmental-Economic Accounts (latest 2024 release). However, integration of these accounts into fiscal and budgetary planning remains limited, and no permanent independent natural capital committee exists.
Sustainable Agriculture & Food Systems
Sustainable agriculture is integrated into Vision-2050 and the Ten-Year Development Programme (2022), and supported by FAO’s “Mainstreaming Sustainable Food and Agriculture Systems” project (2021–2023). Programmes focus on climate-resilient farming, improved food security, and value-chain development. Mongolia also presented a National Food Systems Pathway under the UN Food Systems Summit. However, there is no single SDG-aligned national food-systems strategy with quantified ecological-footprint targets or a time-bound plan to phase out environmentally harmful subsidies.
Sustainable agriculture is integrated into Vision-2050 and the Ten-Year Development Programme (2022), and supported by FAO’s “Mainstreaming Sustainable Food and Agriculture Systems” project (2021–2023). Programmes focus on climate-resilient farming, improved food security, and value-chain development. Mongolia also presented a National Food Systems Pathway under the UN Food Systems Summit. However, there is no single SDG-aligned national food-systems strategy with quantified ecological-footprint targets or a time-bound plan to phase out environmentally harmful subsidies.
Nature Finance
Mongolia has taken major steps in green and nature finance. The Mongolian Green Taxonomy—approved jointly by the Central Bank, Financial Regulatory Commission, Ministry of Finance, and Deposit Insurance Corporation—defines sustainable investment criteria for banks and financial institutions. The Mongolian Sustainable Finance Roadmap sets out measures to align tax incentives and public finance with the taxonomy.
A landmark initiative, the Eternal Mongolia Project Finance for Permanence (PFP), mobilised around US$198 million (including a US$71 million transition fund and a 15-year government commitment worth about US$127 million) to support protected areas and community-based conservation. The Ministry of Finance is also conducting market assessments to expand access to green and biodiversity finance instruments.
Mongolia has taken major steps in green and nature finance. The Mongolian Green Taxonomy—approved jointly by the Central Bank, Financial Regulatory Commission, Ministry of Finance, and Deposit Insurance Corporation—defines sustainable investment criteria for banks and financial institutions. The Mongolian Sustainable Finance Roadmap sets out measures to align tax incentives and public finance with the taxonomy.
A landmark initiative, the Eternal Mongolia Project Finance for Permanence (PFP), mobilised around US$198 million (including a US$71 million transition fund and a 15-year government commitment worth about US$127 million) to support protected areas and community-based conservation. The Ministry of Finance is also conducting market assessments to expand access to green and biodiversity finance instruments.
Green Recovery
Green Recovery Measures
Mongolia’s post-COVID recovery was initially shaped by the “10 Trillion Comprehensive Plan for Health Protection and Economic Recovery” (2021), focusing on liquidity support, employment, and business survival. This evolved into the New Revival Policy (NRP), a medium-term program addressing six priority constraints on growth, one of which is green development.
The NRP supports energy transition projects, clean infrastructure, and the development of renewable energy capacity, coordinated through the New Revival Policy Accelerator under the Cabinet Secretariat. However, while green investments have expanded, recovery funds still heavily supported traditional infrastructure and industrial projects, with limited environmental conditionality.
Mongolia’s post-COVID recovery was initially shaped by the “10 Trillion Comprehensive Plan for Health Protection and Economic Recovery” (2021), focusing on liquidity support, employment, and business survival. This evolved into the New Revival Policy (NRP), a medium-term program addressing six priority constraints on growth, one of which is green development.
The NRP supports energy transition projects, clean infrastructure, and the development of renewable energy capacity, coordinated through the New Revival Policy Accelerator under the Cabinet Secretariat. However, while green investments have expanded, recovery funds still heavily supported traditional infrastructure and industrial projects, with limited environmental conditionality.