Ulaanbaatar, Mongolia, April 19, 2024 – The Global Green Growth Institute (GGGI) announces a strategic partnership with Trade and Development Bank (TDB) of Mongolia, aimed at fostering sustainable and low-carbon economic development. This collaboration underscores a shared commitment to combat climate change and accelerate the global transition to a greener economy.
The TDB is an accredited direct access entity of the Green Climate Fund and the GGGI hosts a Global Trust Fund on Sustainable Finance Instruments, with financial support from the Government of the Grand Duchy of Luxembourg.
As part of our collaboration GGGI and TDB will work together to update TDB’s sustainability framework and accelerate TDB and overall financial sector transition to greener economy.
TDB’s CEO Orkhon Onon said “TDB remains committed to support Mongolia’s transition towards low-carbon and environment-friendly economic model. By working together, we believe we can raise USD 500 million in green finance in the next few years to help finance much needed green investments in the country.”
GGGI’s Country Representative, Annaka Peterson, said “We need more people and businesses to champion the green transition and accelerate climate action. The dzud in Mongolia this year is a critical reminder that we urgently need to accelerate climate action.”
This partnership between GGGI and TDB marks a significant step towards unlocking sustainable finance opportunities and driving positive environmental impact. By aligning financial strategies with sustainable development goals, both entities aim to catalyze transformative change and create a more resilient and prosperous future for all.
About the Trade and Development Bank (TDB) of Mongolia
Trade and Development Bank (TDB) JSC was established in 1990 and over past decades, has become a leading banking and financial services provider in Mongolia.
TDB, the oldest bank of Mongolia, prides itself for its leading position in the universal banking service provider, offering over 130 types of international standard banking products, professional and user friendly banking services. The Bank acts as a primary lender to most of Mongolian leading corporations as well as foreign corporations and foreign representative offices across all major industrial and commercial sectors with a constantly innovating range of universal banking products and services delivered with dynamism and excellence in service and quality. TDB is undoubtedly the major player in the financial and banking markets as well as a major innovator of the Mongolian financial sector.
What is dzud
A dzud is a disaster in steppe, semi-desert and desert regions in Mongolia and Central Asia[1] in which large numbers of livestock die, primarily due to starvation, being unable to graze due to particular severe climatic conditions. Various kinds of dzud are recognized, depending on the particular type of climatic conditions. In winter it may be caused by an impenetrable ice crust, in summer it may happen due to drought.
This year Mongolia lost more than 6 million livestock due to the dzud, which is about 10% of total livestock number.
Local GGGI communications contact
Bayarmaa Enkhbayar, Program Senior Associate
+976 99009224
e.bayarmaa@gggi.org
(GGGI Seoul HQ)
Mona Laczo, Communication & Knowledge Sharing Unit Head
mona.laczo@gggi.org