South Korean President Lee Jae Myung (second from left) holds summit talks with Mongolian President Ukhnaagiin Khurelsukh (second from right) in Ulaanbaatar on Thursday. (Yonhap) South Korea and Mongolia have signed a memorandum of understanding on cooperation in energy transition and renewable energy development in the East Asian country, the energy ministry said Thursday.Kim Sung-whan, minister of climate, energy and environment, and his Mongolian counterpart, Badrakh Naidalaa, signed the MOU in Ulaanbaatar to cooperate on renewable energy development, power infrastructure and climate policy, the ministry said in a press release.The signing took place on the sidelines of President Lee Jae Myung's summit with Mongolian President Ukhnaa Khurelsukh on Thursday.The two countries will also cooperate in establishing heat pump-based district heating systems and developing a skilled workforce in Mongolia's energy sector, the release said."Mongolia has enormous renewable energy potential, with its vast territory, and abundant wind and solar resources. However, its reliance on coal due to a lack of technology and infrastructure has left it grappling with the dual challenges of air pollution and greenhouse gas emissions," Kim said.He said the government will help Korean companies expand into the country's eco-friendly energy market, including the energy storage systems sector.The two countries also plan to hold a Korea-Mongolia energy business forum to promote exchanges between companies in the energy sector. (Yonhap)