“Green Finance - International Conference” to be Held

Densmaa 2023-06-14 05:06

Politics

Under the auspices of the President of Mongolia, the "Green Finance - International Conference" is going to be held for the second time.

Under the auspices of the President of Mongolia, the "Green Finance - International Conference" is going to be held for the second time. As part of the Conference, the Global Leadership Program “Sustainable Finance Week -2023” and high-level political discussion will be organized in Ulaanbaatar. “Green Finance - International Conference" 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 Conference will cover some issues including 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. During the last year’s “Green Finance-Regional Conference”, 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.