Ulaanbaatar, November 29, 2024 /MONTSAME/. Under the auspices of President of Mongolia Khurelsukh Ukhnaa, The “Mongolian Sustainable Finance Forum-2024” commenced on November 28, 2024, at the State Palace of Mongolia. 

The Forum is being held under the theme “Financing Green Development,” to discuss mitigating and adapting to climate change, increasing the possibilities of social participation and financing green development, and funding the transition to sustainable agriculture. Participants are also discussing the funding of energy-saving housing solutions to facilitate green development, protection of biodiversity, and innovative financing solutions. Discussions also focused on strengthening cross-sectoral collaboration, enhancing the capacity of the Mongolian Sustainable Finance Association and its partner organizations, and introducing the latest global and national trends and opportunities in sustainable finance. The event includes thematic trainings and high-level policy sessions aimed at identifying and discussing possible solutions for developing the sustainable finance ecosystem.

Financing efforts to combat climate change around the world are increasing annually, reaching USD 1.3 trillion in 2023. Mongolia has set a goal to reduce greenhouse gas emissions by 22.7 percent by 2030 and to achieve green and inclusive social development through improving climate adaptation, living standards, human development, quality education, and good governance in line with the Paris Agreement. This requires USD 11.5 billion in funding, of which USD 6.3 billion will be allocated for mitigating climate change and USD 5.2 billion for adaptation efforts. To meet this goal, alongside the state budget, Mongolia plans to collaborate with international organizations, investment funds, programs, and the private sector. By 2030, non-bank financial institutions and commercial banks aim to allocate 5-10 percent of their loans as green financing.

At the “Mongolian Sustainable Finance Forum-2024,” President of Mongolia Khurelsukh Ukhnaa delivered the following speech:

“If humanity does not take bold and decisive action without delay to protect our planet and combat climate change, land degradation, and the loss of biodiversity, Earth will choose its own path to continue existing without us. We must never forget that coexisting harmoniously with nature is the foundation of humanity’s survival. Therefore, humanity must unite under a shared purpose of respecting and cherishing nature for a SHARED FUTURE. To achieve more tangible results, every nation must strengthen NATIONAL CONSENSUS, COMMON POLICY, and MUTUAL UNDERSTANDING across all sectors of society, including government, private entities, and civil society. Particularly for developing and climate-vulnerable nations, which face high levels of debt and limited internal financial resources, fulfilling their commitments under the Paris Agreement is fraught with financial risks. As you are aware, these countries are struggling to fully meet their obligations. This is why, during the recent World Leaders Climate Action Summit at COP 29, global leaders agreed to triple the annual climate financing from developed nations to low- and middle-income developing countries—from USD 100 billion per year to USD 300 billion per year—by 2035.

Additionally, I am pleased to note that during the World Leaders Climate Action Summit at COP 29, Mongolia proposed the establishment of a “Global Coalition on Sustainable Rangelands and Pastoralists for the Future,” calling on the global community for collaboration. If Mongolia’s initiative is endorsed, it will result in increased investments and financing directed toward over 100 countries with traditional pastoral economies, thereby providing substantial support to improve the health and livelihoods of approximately 500 million people worldwide. Mongolia, with its harsh climate, is among the nations most severely affected by climate change. To cite a recent example, during last winter and spring, harsh dzud led to the loss of over 10 percent of our national livestock, equivalent to 8.1 million animals. This has deeply impacted the livelihoods of Mongolians who rely on traditional pastoralism as their primary way of life. Therefore, the current times demand that we, Mongolians, pay special attention to combating climate change effectively, fulfill our international commitments, take decisive actions, and foster closer cooperation across all sectors of society.

Mongolia has pledged to reduce greenhouse gas emissions by 22.7 percent by 2030 and achieve net-zero emissions by 2050.  Professional assessments estimate that in order to successfully fulfill its commitments under the Paris Agreement, Mongolia needs financing equal to approximately 50 percent of its GDP. To increase our financing for environmental and green development, it is crucial to accelerate comprehensive reforms in our legal framework and business environment. As the Head of State of Mongolia, I would like to emphasize the National Movements such as “Billion Trees,” “Food Supply and Security,” and “White Gold.” These initiatives aim at enhancing international cooperation, attract financing, and increase investments in environmental protection, agriculture, and green development.

As part of these efforts, in June 2025, under the auspices of President of Mongolia and in collaboration with the “Ban Ki-Moon Foundation for a Better Future” and Stanford University, Mongolia will host the "Trans-Altai Sustainability Dialogue" under the theme "Billions of Trees – Combating Climate Change." This Dialogue will aim at expanding partnerships and attracting further investments for a better future. 

Furthermore, with the initiative and support of the President of Mongolia, the “Eternal Mongolia” Sustainable Financing System for environmental conservation and the “Mongolian Nature’s Legacy Foundation” have been established and successfully mobilized over USD 70 million in grant aid from foreign investors. This is a considerable investment, and it is now crucial for Mongolia to utilize these funds effectively and accessibly for environmental conservation. Also, the “Land of the Blue Sky - Onon-Balj National Park” project, supported by Germany's Legacy Landscapes Fund, has been launched with a grant of USD 15 million. I am confident that these projects and programs will make a real contribution to reducing biodiversity loss in Mongolia and fulfilling its international commitments.

Concurrently, the Government of Mongolia must work actively towards accelerating energy sector modernization, increasing renewable energy sources, and promoting green housing and green agriculture. Despite numerous achievements and successes, it is important to refine our policies and actions further pertaining to climate change, environmental protection, and green development. Thus, the "Mongolia-Financing Green Development" International Forum aims to present the Mongolian Government's projects and programs on green development to investors, expanding regional and international cooperation, strengthening mutual understanding, sharing experiences on increasing environmental and green development financing, and aligning our policies and measures.

First and foremost, for our country, in order to intensify green development, it is pivotal to establish a NATIONAL CONSENSUS to share a unified perspective on a wide range of issues, such as policies, goals, information, and cooperation among all social groups.  Mitigating climate change and safeguarding our environment is not merely the responsibility of a single ministry or organization. As the Head of State of Mongolia, I would like to underscore that this is a collective responsibility requiring collaboration, mutual understanding, and accountability from all segments of society, including all ministries and government institutions, citizens, the private sector, and civil society organizations.

In recent years, it is commendable that our private sector, particularly banking and financial institutions, has been actively working to boost green development and attract green financing.  Now, the State and the Government need to expedite their efforts to support the public and provide clear and comprehensive information about the necessary infrastructure, legal framework, and specific policies and goals. For instance, it is necessary to develop precise and science-based quantitative and qualitative goals for reducing greenhouse gas emissions, with clear calculations for each social and economic sector, and to communicate and educate the public and businesses effectively.

In particular, it is recommendable for sectors such as agriculture, construction, and energy to introduce their detailed greenhouse gas reduction policies and targets to the public. In this regard, we must devise a comprehensive action plan that involves collaboration among the public, government, and private sectors. To ensure its successful implementation, we must foster cooperation among stakeholders and implement necessary regulations and legal reforms. At the same time, the Government must pay utmost attention and work swiftly to enhance the principles, infrastructure, and methodologies of green and sustainable financing, aligning them with international standards. Additionally, it should optimize carbon taxes and carbon markets, while establishing the necessary legal framework.

I am confident that the “Mongolia - Financing Green Development” International Forum will serve as a platform for open discussions on the pressing issues mentioned above, fostering the generation of innovative solutions and ideas. 

Clean air, fresh water, and pure soil are the fundamental pillars of human well-being. Caring for and protecting nature is the foundation of sustainable development for humankind. Therefore, humanity has no time to waste in protecting our Mother Nature. Loving and preserving our planet is a duty, not an option, that we have to fulfill. Environmental conservation and green development financing are not forms of aid; they are the most substantial investments we can make for future generations. So, let us Mongolians combine efforts for green development, working together with a united mind and making timely and bold decisions to achieve meaningful results.”

The Forum is held annually to convene policy-makers of sustainable finance, regulators, representatives of the finance sector, businesses, international and domestic experts, and citizen representation. The Forum serves as a bridge for participants to share their experiences, establish or intensify cooperation, exchange information, and define challenges. 

Furthermore, the Forum aims at defining policy reforms, fostering cooperation in green financing, and providing impetus for implementing Mongolia’s priority development goals. At a time when the world is focusing on sustainable green development, the “Mongolian Sustainable Finance Forum-2024” serves to affirm Mongolia’s commitment and contribution to mitigating climate change and provides opportunities to study innovative financing tools to intensify the development of the country’s sustainable future.