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Mongolian Sustainable Finance Roadmap

Cover date

2022-03-29

Document type

Documents

Mongolia made ambitious commitments as part of the Paris Agreement, the Vision 2050, and the National Green Development Policy to lower its carbon emissions by 22.7% against the business-as-usual scenario by 2030 and achieve a development pathway that is green and inclusive, with improved quality of life, better human development, good governance and quality education. The financing required to achieve Mongolia’s Nationally Determined Contributions (NDCs) is estimated at USD 11.7 billion. Achieving the sustainable development goals (SDGs) by 2030 is estimated to require an additional USD 43 billion in total. This calls for ambitious financing strategies and actions to ensure existing and new financial flows are directed and mobilized towards Mongolia’s sustainable development agenda. On the other hand, sustainability has become a fundamental part of the financial system stability, contributing to sustainable economic growth, inclusiveness, and new market opportunities. Recognizing the importance of sustainable finance, the Monetary Policy Guidelines fоr 2022 defined sustainable finance as one of its strategic priorities requiring the development and approval of a National Sustainable Finance Strategy. The objective of the Mongolian Sustainable Finance Roadmap is to agree on an integrated, multistakeholder, strategic approach towards accelerating the development of a sustainable financial system in the country by 2030 in alignment with the country’s sustainable development and climate targets. The proposed Roadmap defines six pillars and 25 strategic actions that will help transition Mongolia’s financial system into a sustainable one. The roadmap draft was developed based on pre-existing studies, roadmaps and recommendations by the Mongolian Sustainable Finance Association (MSFA), IFC, UNEP Inquiry and EBRD and also considers international best practices from the EU, China, Indonesia and other countries.

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