Mongolia One of Eight Countries with Established Sustainable Finance
Ulaanbaatar /MONTSAME/ Mongolia is one of the eight countries that are at the ‘established’ stage of sustainable finance, according to the Global Progress Report of the Sustainable Banking Network, an International Finance Corporation-supported (IFC) organization of banking regulators and associations.
Emerging markets have become a major force in driving development and fighting climate change as 34 countries have initiated banking reforms to expand sustainable lending, says the report, issued on February 26.
“Eight countries—Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria, and Vietnam—have reached an advanced stage, having implemented large-scale reforms and put in place systems for results measurement. These reforms require banks to assess and report on environmental and social risks in their lending operations and put market incentives in place for banks to lend to green projects,” it said.
The report was introduced on February 27 at a press conference in Ulaanbaatar, where IFC Resident Representative to Mongolia Tuyen D. Nguyen appreciated Mongolia’s efforts and progress in sustainable banking.
The Sustainable Banking Network was formally launched in 2012, since when Mongolia has been an active member. The Mongolian Bankers’ Association introduced the Mongolian Sustainable Finance Principles in 2014.