Ulaanbaatar
"Green Finance - International Forum" Kicks Off
Environment
Ulaanbaatar,
June 14, 2023 /MONTSAME/. Under the auspices of the President of Mongolia,
the "Green Finance - International Forum" is taking place for
the second time.
Under the Forum, "Financing a Green and SDG-Aligned Future" Sustainable Finance
Week -2023 and high-level discussions started today in Ulaanbaatar and
President of Mongolia Khurelsukh Ukhnaa delivered the opening remarks.
“Green
Finance - International Forum" aims to enhance regional and
international cooperation, foster mutual understanding, promote green
financing, refine its framework, foster the exchange of best practices, and
promote the coordination of policies and measures.
The Forum will cover the following issues:
- Improving the institutional capacity necessary to accelerate green development;
- Increasing the coordination, role, and responsibility of economic sectors in intensifying green development;
- Current state of sustainable finance, international trends, standards, new tools, advanced technologies, and innovations;and
- Promoting green agriculture and energy efficient building sector.
In the future, Mongolia needs to fully define its comprehensive green development policy, improve its legal environment, ensure coordination and cooperation of stakeholders, and create a green business environment.
As a preliminary estimate, Mongolia needs USD 11.5 billion to implement its National Determined Contribution. In that extend, Mongolia is working toward spending at least one percent of the GDP every year to combat climate change and desertification.
It
is worthy to note that the private sector has been active in increasing
sustainable financing options. During the last year’s “Green Finance-Regional
Forum”, Mongolia approved its National Sustainable Finance Roadmap,
aspiring to encourage green lending. In this context, Mongolian commercial
banks have successfully issued a green bond in the international stock market.
Building on the success, they are planning to issue the first green bond in the
domestic market during the upcoming Conference.
"Green
Finance - International Forum" is being co-organized by the Office of
the President of Mongolia, the Mongolian Sustainable Finance Association, the
Institute of Finance and Sustainability of China, International Finance
Cooperation, Sustainable Banking and Finance Network, and the Trade and
Development Bank of Mongolia.
