Page 28 - bne magazine September 2023

28 I Companies & Markets bne September 2023
to advance technology and reduce costs, underscoring the monumental challenges in achieving any substantial impact.
To meet President Biden's ambitious target of achieving
a net-zero economy by 2050, the US must scale up carbon capture efforts by a factor of 20 to 90, according to the DoE's projections. Such a scale-up is estimated to cost $100bn by 2030 and a staggering $600bn by 2050.
The DoE characterises this as a "massive investment opportunity," recognising the potential of carbon capture. However, for this vision to become reality, the fossil
fuel industry must grapple with the long-term financial commitments required. As carbon capture continues to evolve, stakeholders must address the complex economic and environmental balance to truly effect change in the fight against climate change.
We’re ‘landlocked but not mindlocked’ Mongolian PM tells US on visit to Washington DC
Antonio Graceffo in Washington DC
"Mongolia is landlocked but not mindlocked,” remarked Mongolian Prime Minister
L.Oyun-Erdene as he visited Washington DC this week and met with US Vice President Kamala Harris.
Oyun-Erdene appeared very eager to work with the Americans on a wide range of issues and expressed gratitude for the expansion of educational exchanges and the sending of additional US teachers to Mongolia as part of the Strategic Third Neighbour Partnership between the two nations.
Speaking at the White House stood alongside Harris, he said: “In the 1990s, the people of Mongolia voted for democracy and the market economy and we are very proud that the Americans regard us as an oasis of democracy. For us, the United States is not only our strategic third neighbour, but also the guiding North Star for our democratic journey.”
During the visit, the US and Mongolia pledged closer economic engagement and the strengthening of cooperation in the areas of security, outer space and critical minerals, including rare earth elements (REEs). Amongst various other agreements, they entered into an "Open Skies" civil aviation accord, with direct Mongolia-US flights to commence next year.
Oyun-Erdene was set to follow up his visit to Washington with a tour of Nasa, while he also mentioned that he was planning another trip to the US, during which he intended to hold discussions with business magnate and investor Elon Musk in California. The discussions would likely focus on potential investment and collaboration opportunities with Tesla in
the realm of electric vehicles (EVs) and Space X in space exploration.
Ulaanbaatar has already authorised Space X to provide internet services in Mongolia. Musk, meanwhile, has expressed an interest in facilitating a manned mission to Mars, and Mongolia wants to help.
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Mongolia’s Gobi Desert has an environment very similar to that of Mars, with its ferrous, reddish soil and big temperature swings, from +45C during the day to -45C at night. Mars V,
a Mongolian company, headed by Erdenebold Sukhbaatar, plans to build a Mars analogue training centre in the desert.
It is hoped that cooperation with the Americans could make Mongolia an integral player in the space travel industry. The Mars analogue would be open to space programmes from around the world.
US Secretary of Defense Lloyd J. Austin III also met with the Mongolian PM for a discussion on security cooperation between the United States Army Pacific Command (USARPAC) and the Mongolian Armed Forces (MAF).
“In the 1990s, the people of Mongolia voted for democracy and the market economy and we are very proud that the Americans regard us as an oasis of democracy”
Last month, Mongolia hosted the Americans in a joint training exercise dubbed Khaan Quest. The MAF have also sent soldiers to international peacekeeping operations, in which they served alongside American soldiers in Iraq and Afghanistan. More military education and training, as well as equipment, will now be provided to MAF by the US.
Mongolia’s relationship with the United States is critical to Ulaanbaatar, given that the country is encircled by two big power neighbours, Russia and China. Generally, Mongolian people distrust China, while the older generation has a bit of nostalgia for the days of closer ties with Russia.