On March 28, GGGI, the Capital City of Ulaanbaatar, and Ministry of Environment and Tourism (MET) of Mongolia kicked off a joint strategic planning and investment preparation effort for Ulaanbaatar City’s contributions to Mongolia’s climate change actions, or Intended Nationally Determined Contributions (INDCs), pledged under the Paris Agreement.
The workshop brought together a focused group of 20 municipal and national government representatives from key sectoral agencies – such as transportation and disaster management – to kick-off the INDCs investment planning exercise.
With over 45% of the population and some 65% of the country’s GDP, Ulaanbaatar is in a strong position to boost Mongolia’s climate finance competitiveness. Therefore, with the support of GGGI, Ulaanbaatar City will formulate its strategy and policy measures to support Mongolia’s climate change program—linking directly with Mongolia’s INDCs—and develop an Ulaanbaatar City Climate Investment Plan.
Reinforcing the urgency of the Capital City’s climate investment planning, Dr. Batjargal Zamba, Mongolia’s Official Focal Point to the United Nations Framework Convention on Climate Change and the Green Climate Fund, emphasized the timely opportunity for Ulaanbaatar to increase action and awareness around climate change.
“Ulaanbaatar has the potential to make significant contributions to Mongolia’s pledges to the Paris Agreement,” stated Mr. Zamba. “Advanced technology, process improvements, and innovative climate finance flows could move Mongolia within reach of its targeted 14% GHG emissions reduction from business-as-usual by 2030.”
Workshop participants learned how green development and climate finance related to their respective sectors, while the official working group agreed to the 2017 work plan and key milestones for presenting the INDCs investment strategy.
GGGI supports the Capital City of Ulaanbaatar in its INDCs strategy and investment planning. A critical success factor will be Ulaanbaatar’s ability to align the sectoral priorities and secure public resources for initiating changes in infrastructure planning and land use. With a climate investment strategy expected by mid-2017, Ulaanbaatar plans to roll out a broader communications program to encourage behavior change and awareness of potential climate financing opportunities, both international and domestic.
Since 2016, Ulaanbaatar has been a leading partner in the formulation of a national platform for financing Mongolia’s INDCs and green development ambitions, known as the Mongolia Green Credit Fund (MGCF) Initiative. This joint effort with MET, the Mongolian Bankers Association, and GGGI is part of a global GGGI program to provide advisory and technical services for developing countries to scale up access to climate finance.
GGGI is helping countries design and implement innovative National Financing Vehicles (NFVs) that can mobilize finance from local and international markets in support of sustainable development projects. GGGI is currently working to develop NFVs in 6 developing countries, including Mongolia via the MGCF.
In Mongolia, due to the lack of affordable, long tenor credit resources, many key green growth opportunities remain out of reach, both for enterprises and households. The MGCF initiative aims to address this challenge through launching Mongolia’s first ever independent, professionally managed investment fund for green growth. Ulaanbaatar’s Climate Investment Plan will help prioritize relevant INDC implementation measures and link with the MGCF Initiative for financing.
Learn more about GGGI’s work in Mongolia here.