1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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Events

Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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Diving into Energy Regulation Reform with Mongolia's Energy Sector www.azcc.gov

Director Doug Clark and Commissioner Kevin Thompson from the Arizona Corporation Commission welcomed a Mongolian Energy delegation, led by Batuul Tumurkhuyag and Mac Wodicker of ASU's Laboratory for Energy and Power Solutions. Dialogue consisted of a comparative analysis of national energy systems and the landscape of energy regulation, policy, and tariff setting in Arizona.
Since its inception in 2001, the Mongolian Energy Commission has faced unique challenges due to the lack of an energy market in their country. Instead, energy costs are calculated by square meterage of a dwelling, as opposed to consumption-based pricing. The meeting shed light on Mongolia's vertically integrated energy sector and how non-market-based systems pose a barrier to renewable energy ambitions.
To increase economic competitiveness, create a more stable and secure domestic energy supply, and develop more renewable energy projects; USAID has launched a $12 million Mongolia Energy Governance Project aimed at bolstering supportive interventions in the energy sector transition. As part of our ongoing commitment, Ryan Anderson and Nikki Farha from Commissioner Thompson’s office offered ongoing assistance to the Mongolian delegation in strengthening their energy regulatory systems.
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Mongolian Armed Forces attend Airmen-to-Airmen talk at Pacific Air Forces www.15wing.af.mil

Pacific Air Forces hosted members of the Mongolian Armed Forces Air Force Command at the PACAF headquarters building on Joint Base Pearl Harbor-Hickam, Hawaii, as part of a mutual exchange known as Airman-to-Airman Talks (A2AT) from May 22-26.
The purpose of A2ATs is to facilitate discussions between the U.S. and other countries in the region to improve both parties by sharing best practices, and to build stronger relationships through collaboration and planning.
“This is the first engagement together post COVID, so meeting in person was extremely important,” said William Riggle, Pacific Air Forces International Affairs Division country desk officer to Mongolia. “We really wanted to focus on the relationship building aspect to ensure we can maximize the benefits of future endeavors together.”
Throughout the week, members from each delegation led working groups focused on operations, logistics, medical and other relevant topics.
“Working groups were critical during the Airman-to-Airman Talks because they helped to structure our way forward,” said Riggle. “By having focused sessions, we built the foundational understanding needed to collaborate further and learn how we do it better, and how to do it together.”
Overall, the talks were productive for both sides, explained Riggle. The U.S. and Mongolia are situated for more lucrative bilateral exchanges in the future.
Airmen from PACAF host multiple exchanges, exercises, and conferences throughout the year with Allies and partners to align knowledge and skills that enhance interoperable capabilities. The next engagement between the U.S. and Mongolia is slated to be during a Pacific Angel training exercise later this year.
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Using AI for loans and mortgages is big risk, warns EU boss www.bbc.com

Discrimination is a more pressing concern from advancing artificial intelligence than human extinction, says the EU's competition chief.
Margrethe Vestager told the BBC "guardrails" were needed to counter the technology's biggest risks.
She said this was key where AI is being used to help make decisions that can affect someone's livelihood, such as whether they can apply for a mortgage.
The European Parliament will vote on its proposed AI rules on Wednesday.
The AI Act is being considered by politicians amid warnings over developing the tech - which enables computers to perform tasks typically requiring human intelligence - too quickly.
Some experts have warned that AI could lead to the extinction of humanity.
In an exclusive interview with the BBC, Ms Vestager said AI's potential to amplify bias or discrimination, which can be contained in the vast amounts of data sourced from the internet and used to train models and tools, was a more pressing concern.
"Probably [the risk of extinction] may exist, but I think the likelihood is quite small. I think the AI risks are more that people will be discriminated [against], they will not be seen as who they are.
"If it's a bank using it to decide whether I can get a mortgage or not, or if it's social services on your municipality, then you want to make sure that you're not being discriminated [against] because of your gender or your colour or your postal code," she said.
On Tuesday, Ireland's data protection authority said it had put Google's planned EU roll-out of its AI chatbot Bard on hold.
It said it had been informed by Google that its ChatGPT competitor would be introduced in the EU this week, but was yet to receive details or information showing how the firm had identified and minimised data protection risks to prospective users.
Deputy Commissioner Graham Doyle said the DPC was seeking the information "as a matter of urgency" and had raised further data protection enquiries about it with Google.
'A UN approach'
Ms Vestager, who is the European Commission's executive vice president, said AI regulation needs to be a "global affair".
She insisted a consensus among "like-minded" countries should be prioritised before getting more jurisdictions, such as China, on board.
"Let's start working on a UN approach. But we shouldn't hold our breath," she said.
"We should do what we can here and now."
Ms Vestager is spearheading EU efforts to create a voluntary code of conduct with the US government, which would see companies using or developing AI sign up to a set of standards that are not legally binding.
Being 'pragmatic'
The current draft of the AI Act seeks to categorise applications of AI into levels of risk to consumers, with AI-enabled video games or spam filters falling into the lowest risk category.
High-risk AI systems include those that are used to evaluate credit scores or access to loans and housing. This is where the focus of strict controls on the tech will be.
But as AI continues to develop quickly, Ms Vestager said there was a need to be pragmatic when it comes to fine-tuning rules around this technology.
"It's better to get, let's say 80% now than 100% never, so let's get started and then return when we learn and then correct with others," she said.
Ms Vestager said there was "definitely a risk" that AI could be used to influence the next elections.
She said the challenge for police and intelligence services would be to be "fully on top" of a criminal sector where there is a risk they get ahead in the race to utilise the tech.
"If your social feed can be scanned to get a thorough profile of you, the risk of being manipulated is just enormous," she said, "and if we end up in a situation where we believe nothing, then we have undermined our society completely."
Many tech leaders and researchers signed a letter in March calling for a pause in the development of AI systems more powerful than OpenAI's GPT-4.
But Ms Vestager said this was not realistic.
"No-one can enforce it. No-one can make sure that everyone is on board," she said, pointing out that a pause could be used by some as an opportunity to get ahead of competitors.
"What I think is important is that every developer knows that everyone has signed up for the same guardrails so that no-one takes excessive risks."
Facial recognition
The European Parliament's proposals for the AI Act seek to restrict the use of biometric identification systems and indiscriminate collection of user data from social media or CCTV footage for purposes such as facial recognition systems.
However, Ms Vestager said: "We want to put in strict guardrails so that it's not used in real-time, but only in specific circumstances where you're looking for a missing child or there's a terrorist fleeing.
"The Parliament has a much more principled position that they will vote on tomorrow to basically ban it completely."
Before the AI Act can become finalised as the world's first rulebook on the use and development of AI systems, the EU's three branches of power: the Commission, Parliament and Council will all have to agree on its final version.
It is not expected to come into effect before 2025.
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Pioneer Award: Bank of Mongolia Central Banking (FinTech RegTech Global Awards 2023) www.centralbanking.com

The Bank of Mongolia’s big data project collects granular data from all banks in its jurisdiction, daily, using a single data model that covers statistical, regulatory and business requirements. The new dataset includes green taxonomy, merchant category code, management gender, postcode and International Standard Industrial Classification of All Economic Activities, in addition to traditional financial data. With this initiative, the banking sector in Mongolia enters a new data era, enabling banks to develop digital loan products and improve cashflow, while providing regulators with real-time, accurate data.
“At midnight, banks run their end-of-day batch payment processing, with larger banks taking up to six hours and smaller banks taking close to half an hour to complete,” Byadran Lkhagvasuren, governor of the Bank of Mongolia, tells Central Banking. “Once this process is completed, we automatically pull data and process it, ready to be viewed at 9:00am with our morning coffee.” In 2021, the central bank began a knowledge exchange partnership with the Bank of Korea and Sangmyung University in Seoul, which helped it develop a big data road map and a more thorough understanding of what it wanted to achieve and how to achieve it. With the launch, 200 banking industry employees were reassigned from data preparation to other tasks, resulting in a significant cost reduction. “With multiple departments at banks involved in the data reporting process, and different departments at the central bank receiving the data at various levels, consistency between the received data and reports were difficult to maintain,” says Lkhagvasuren. Now, 61 template-based reports covering more than 200 sheets have been consolidated into a unified data model, and the average time lag of official statistics has been reduced from 17 days to one. “We don’t have to burden the banks with data preparation. Instead, we take all the responsibility for data preparation on ourselves,” says Lkhagvasuren. The central bank used to receive four gigabytes of data each year from the banks. Today, it estimates the platform will collect 17 terabytes of data annually. The big data platform uses a staging database in a parallel warehouse that is kept on the central bank’s premises and transmits encrypted data through a closed-circuit connection to supervisors and banks on a shared platform. “From data generation and collection to data compilation and dissemination through our official website, application programming interface, dashboards and other sources, our whole process is fully automated, with little to no human intervention.” The team visited banks in person to convince them of the merits of the project and sharing detailed data. “We had the opportunity to ‘grassroot’ the project from the bottom up and really make the banks believe in the project,” says Lkhagvasuren. The Bank of Mongolia can now also conduct more comprehensive stress-testing. Previously, the central bank could only look at accumulated risk on an aggregate level. “Now, we can delve deeper into cases such as a shock in the agricultural sector,” says Lkhagvasuren. End-users can dissect, aggregate and analyse data patterns, without compromising individual privacy. The Bank of Mongolia is now working to develop new suptech tools in three areas: creating new (early-warning) indicators and improving nowcasting models; conducting detailed stress tests on household debt in the banking sector; and creating a fraud detection alert system.
 
 
 
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Inner Mongolia land port sees surge in China-Europe freight trains www.gov.cn

Erenhot City, a major land port in north China's Inner Mongolia Autonomous Region, saw a sharp surge in China-Europe freight train trips in the first five months of 2023 to the tune of 1,285, up 15.87 percent year on year.

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Mongolia's Education Loan Fund Scandal Reveals Widening Wealth Gap www.mongoliaweekly.org

Mongolia, a country that has long recognized the transformative power of education, finds itself grappling with a disheartening trend that exposes the deepening inequality between its affluent and impoverished citizens.
Recent revelations have brought to the forefront allegations of government fund abuse, as the children of Mongolia's elite stand accused of exploiting the Education Loan Fund, further exacerbating the socioeconomic divide.
This scandal not only sheds light on the alarming wealth gap but also serves as a cautionary tale for aspiring politicians who harbor ambitions of running in the upcoming 2024 parliamentary elections.
Student walking in the University library
Throughout the years, Mongolia has sent its brightest young talents to advanced nations, recognizing education as a catalyst for progress and development. While the Soviet Union was once the primary destination during the communist era, the advent of democracy in the past three decades has expanded the choices to include the United States, Europe, Japan, and Korea.
Acknowledging the importance of fostering global competence, the Mongolian government initiated the financing of international studies at the top 100 universities worldwide.
However, concerns have recently surfaced regarding the misuse of government funds allocated for these educational opportunities. A former Deputy Minister of Mining and Heavy Industry, himself a Harvard graduate, revealed a disconcerting trend in which a significant number of students, predominantly high-ranking officials and their dependents, obtained loans from the Education Loan Fund without fulfilling their repayment obligations.
The former minister disclosed that over 2,300 students failed to repay their loans, with a staggering 90 percent of them having ties to influential figures within the government.
A former employee of the Education Loan Fund corroborated this, confirming the misappropriation of funds benefiting students with political connections.
Allegedly, each loan, ranging from $30,000 to $200,000 per student, was granted without adhering to proper selection processes, further fueling concerns about favoritism and the abuse of power. By diverting government funds to finance their children's studies at prestigious universities abroad, the privileged few effectively obstruct access to educational opportunities for those in genuine need. This resulting disparity in wealth, opportunity, and values undermines the principles of meritocracy and social mobility that should form the bedrock of any equitable society.
As public awareness of this scandal grows, so too does the public outrage. Many demanded borrowers who have taken loans from the Education Loan Fund to promptly repay their debts.
However, some borrowers claim exemption from repayment by citing a requirement to work in the country for five years after graduation, asserting that the funds were granted as a grant rather than a loan. Yet, these claims are met with skepticism, as the absence of clear legal provisions supporting such exemptions raises concerns of power misuse and circumvention of established procedures.
Moreover, the issue extends beyond the misuse of the Education Loan Fund. Mongolian universities have long struggled to provide quality education, resulting in a strong demand among Mongolians to seek education abroad at prestigious institutions.
The combination of this demand and the lack of oversight and accountability in fund allocation has created an environment ripe for exploitation and the entrenchment of privilege.
The misuse of Mongolia's Education Loan Fund by the country's elite reveals a disturbing trend of increasing inequality and the erosion of equal opportunities. Furthermore, it appears to be a politically motivated tactic aimed at undermining political opponents, as the children of leaders from the Democratic and National Labor Parties were specifically singled out. Also, it has come to light that the child of the construction minister, who has been in disagreement with his cabinet regarding electoral reforms, has also received a student loan.
Some politicians, including the education minister and opposition party leaders, swiftly repaid their loans for their dependents as the scandal escalated, attempting to mitigate the political fallout.
The palpable public outrage serves as a resounding message that Mongolians will no longer tolerate the perpetuation of privilege at the expense of the nation's development and prosperity. A similar wave of public anger occurred in late 2018 when high-ranking officials and politicians funneled subsidized loan money to their family and friends from government funds intended to support small businesses. This outcry resulted in the removal of the parliament speaker, a cabinet reshuffle, and numerous politicians losing their renomination for the 2020 elections.
The next scandal expected to emerge revolves around the farmer subsidy fund, with several politicians allegedly implicated in abuse and corruption. Given the country's heavy dependence on government funds, nearly every businessman-turned-politician in Mongolia is entangled in the web of state subsidies, loans, or state procurement.
As part of his unwavering commitment to combat corruption, Prime Minister Luvsannamsrain Oyun-Erdene and his close allies are actively pursuing the establishment of a definitive separation between business interests and political endeavors. Their objective is to ensure that these realms maintain a prudent distance from one another.
However, the potential costs associated with these demanding reforms, which are aimed at reinstating integrity within public institutions, remain uncertain. Maintaining a delicate balance is crucial when implementing these reforms, as excessive pressure and targeting influential politicians as scapegoats could potentially undermine Oyun-Erdene's support from his political allies.
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Mongolia launches vaccination against sheep, goat plague www.xinhuanet.com

Mongolia started vaccinating small ruminants against Peste des Petits Ruminants, also known as sheep and goat plague, the country's General Authority for Veterinary Services said Tuesday.
The authority said in a statement that "at least 30 million head of small ruminants in central and eastern parts of the country, where outbreaks of the highly contagious animal disease have been reported in recent years, will be vaccinated."
The livestock sector is a main pillar of the Mongolian economy. However, frequent livestock animal disease outbreaks impede the industry.
According to official statistics, the nomadic country had 71.1 million heads of livestock at the end of 2022. Sheep and goats accounted for most livestock at 46 and 38.8 percent, respectively.
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Mongolia's coal finds path to China via China-Central Asia freight train www.sxcoal.com

Mongolia finds a new coal export route to China after the first cross-border freight train departing from Mongolia's capital Ulan Bator arrived at northern China's Caofeidian port.
The freight train, comprising 98 open-top containers, carries an impressive load of 3,100 tonnes of raw coal. Its successful arrival at Caofeidian port signifies the establishment of an alternative trade route
This new railway connection forms a crucial component of the China-Europe (Central Asia) freight train service, helping bolster the global sea-rail transportation network of the Beijing-Tianjin-Hebei region. By integrating various modes of transportation, this venture not only enhances logistical efficiency but also strengthens international trade relations.
With the advent of this strategic export route, Mongolia is poised to further capitalize on its vast coal reserves and forge mutually beneficial economic ties with China.
Mongolia aims to export 50 million tonnes of coal this year, while the volume during the first five months stood at 23.06 million tonnes. Around 99% of the total exports, mainly coking coal, went to China, according to the Mongolian Customs General Administration.
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President Khurelsukh: Mongolia has decided to annually spend up to 1 percent of GDP to combat climate change and desertification www.montsame.mn

President of Mongolia Khurelsukh Ukhnaa delivered the opening remarks at the “Green Finance - International Forum". We present the full transcript of the President’s speech:
“Distinguished guests,
Ladies and gentlemen,
Good day to you all!
We have gathered here today to discuss the ways to reduce the negative effects of climate change, which has become the most difficult challenge humanity faces, and to deliberate on ways to increase our efforts to battle climate change and to find solutions to finance planned projects and programs.
Climate change has a strong impact on the security of human existence with scientists, researchers, world leaders and international communities paying special attention to this issue. Although, every country is trying to fulfill its goals, obligations and commitments, the negative effects of climate change are continuing to intensify.
Numerous studies consistently demonstrate that since pre-industrial levels for over the last 170 years, the average global temperature has risen by 1.09 percent as well as other negative impacts including loss of global biodiversity.
Moreover, from heatwaves in Europe and wildfires in North America, to droughts in Africa and floods in Asia: last year saw climate disasters on all five continents.
In meantime, world economy shows a rocky recovery.
According to the IMF, global growth is projected to decelerate from 3.4 percent in 2022 to 2.8 percent in 2023. In particular, the slowdown in the Euro Area is even more pronounced.
Despite the recent drop in energy prices, energy security concerns will continue to loom large. This speaks to the importance of the green transition and green development.
Therefore, despite the world facing the many social, economic and geopolitical challenges and difficulties, we must intensify our efforts to protect the environment and reduce the negative effects of climate change.
In other words, we need higher ambition, stronger policies, and more finance for implementation.
Therefore, the last point we will focus during this forum.
Despite the fact that the world is making efforts to reduce the negative effects of climate change, many issues remain to be resolved in terms of how to finance these efforts and policies.
Increasing climate finance is critical to not only mitigating the negative impacts of climate change, but also to increasing resilience and fostering sustainable and inclusive global development trends.
As of today, we are seeing only around 630 billion dollars a year in climate finance across the whole world according to the IMF report.
However, in order to fully reach the goals under the Paris Agreement and the sustainable development goals of the United Nations, trillions of funds are needed every year.
For instance, the latest study by the London School of Economics shows that developing countries (other than China)’ annual investment in climate action needs to increase immediately, from about $500 billion in 2019 to $2.4 trillion by 2030.
Financing should go toward accelerating the energy transformation, increasing investments in resilience to protect lives and livelihoods protecting people's livelihoods against the increasingly devastating effects of climate change, enhancing biodiversity and conserve the ecosystems, and building capacity of countries to effectively combat climate change.
Thus, countries cannot singlehandedly overcome the challenges that the humanity faces.
To deliver on our shared climate goals, we must combine policy reforms, capacity development, and financing arrangements. What we need today is unprecedented cooperation and coordination.
Distinguished guests,
Mongolia, which has an extreme continental climate, is one of the countries most affected by climate change. Specifically, over the last 80 years the its temperatures have risen by 2.25 percent, which is twice the world average.
In Mongolia, 77 percent or 120 million hectares of the Mongolian territory is affected by desertification.
In addition, the number of annual natural disasters has more than doubled over the last 25 years, and weather-related disasters affect 8 percent of Mongolians every year and cost 0.6 percent of GDP annually in damages, in average.
The countries of the world have determined their share in reducing greenhouse gas emissions, and in this context, more than 70 countries have pledged to reduce their greenhouse gas emissions to zero by 2050.
Although Mongolia’s GHG emissions are small in absolute terms (0.1 percent of global GHG emissions), Mongolia has consistently supported the international community's efforts to mitigate and adapt to climate change and has been making its due contribution.
For example, Mongolia set a goal of reducing greenhouse gas emissions by 27.2 percent by 2030, and at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change expressed its policy and objective to zero greenhouse gas emissions by 2050.
In order to meet the above policies and objectives, Mongolia is implementing them in the domestic policies and action plans of the key social and economic sectors such as agriculture, energy, infrastructure, and health.
In this context, the President of Mongolia initiated national movements such as "One Billion Trees", "Food Supply and Security", and "Healthy Mongolians" and these are being implemented implemented throughout the country. I am pleased to inform you that the government, private sector, wealth creators, domestic and foreign investors, and citizens are actively participating and working together towards our common goal.
For example, by planting and caring for billions of trees by 2030, within the framework of the "One Billion Trees" national movement, we are confident that it will play a crucial role in the development of sustainable financing while reducing deforestation and degradation, increasing water resources and greenhouse gas sequestration.
In point of fact, I am pleased to note that UN Secretary General Antonio Guterres, during his visit last year, expressed his willingness to join and cooperate with the "Billion Tree" national movement.
With the implementation of the movement, the most important initial result is that there is a big change in the attitude of the citizens and the public towards the protection and restoration of the environment.
Furthermore, Mongolia needs to drastically reduce carbon dioxide emissions from the agriculture and energy sectors.
Mongolia’s potential for renewable energy is very large estimated at 2,600 gigawatts thanks to its geographical location and climatic condition. It presents an opportunity to decarbonize its energy sector and further contributes to the energy supply of the region.
Therefore, Mongolia will pay special attention to increasing its clean and renewable energy sources, improve the business environment in the sector, and actively cooperate with investors and the international community.
In addition, we are working to develop the food and agriculture sector in line with green development. For example, the projects, programs and activities implemented within the national movement "Food Supply and Security" will be aimed at supporting green development.
Distinguished delegates,
As Mongolians, our cultural heritage stems from our nomadic lifestyle, which has fostered a deep connection and harmonious coexistence with nature. This unique way of life embodies our inherent responsibility to both preserve the pristine beauty of our surroundings and derive sustainable benefits from it, ensuring its longevity for future generations.
Therefore, economic and social policies should be fully focused on rapid reduction of environmental pollution and ecological degradation, improving people's livelihoods, and building green development.
For countries, there is a limited opportunity to solve and overcome the risks, challenges of climate change as well as necessary funding by themselves, therefore it is vital to cooperate in a mutually beneficial way at the regional and international level, exchange experience and further expand the cooperation and collaboration of the organizations in this field.
In particular, due to the global pandemic, high inflation, and the energy crisis, limited fiscal space in most countries in recent years poses a significant risk to increase green finance.
Therefore, the second "“GREEN FINANCE – INTERNATIONAL FORUM” is important for expanding regional and international cooperation, strengthening mutual understanding, increasing green financing, improving the system, exchanging best practices, and coordinating policies and measures.
Furthermore, series of important issues will be discussed during this conference, such as strengthening institutional capacity for green development, enhancing coordination, roles and responsibilities of economic sectors, international approaches, standards and new instruments for green and sustainable financing, advanced technology, innovation and green agricultural sector, energy effective construction industry.
It is pre-estimated that $11.5 billion is needed for Mongolia to reach successfully targets in its Nationally determined contribution.
In terms of our efforts for mobilizing this funding, Mongolia has decided to annually spend up to 1 percent of our GDP to combat climate change and desertification.
Moreover, I am pleased to mention that in recent years, our private sector has been actively working to mobilize sustainable funding with tangible outcome.
For instance, during last year's "Green Finance - Regional Forum", Mongolia adopted its sustainable finance roadmap, and the financial sector committed to rapidly increase its green loans by 2030.
Moreover, Mongolia has developed its sustainable finance taxonomy in accordance with the international standards, and currently working to create a specialized financial institution for green financing through a proper public and private sector partnership model.
Also, I am pleased to mention that Mongolian commercial banks have successfully issued the first green bond on the international market, as well as Financial Regulatory Committee has granted a permission to issue the first domestic green bond by one of banks yesterday.
In the future, it is essential for Mongolia to fully define comprehensive green development policy, improve legal environment, ensure coordination and cooperation of stakeholders, and create a green business environment.
It is also advisable to actively participate in the carbon market, determine the carbon tax and green financing environment, introduce optimal innovative financing methods, and work proactively to create the legal framework.
For the implementation of the above policy objectives, we will actively cooperate with the public and private sector, foreign and domestic investors as well as international organizations towards increasing sustainable financing through their support and involvement.
Distinguished guests, delegates,
Fresh air, clean water, and sacred soil are the main sources of the wellbeing of the mankind.
The green development is the foundation of sustainable global development.
For the sake of the green development, humanity and the world we shall look in the same direction, cooperate harmoniously, and promptly make effective yet bold decisions.
Let’s work together towards the safer life for the humanity!
I wish the best for the organization of the forum!”
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The First Green Bond in Mongolia Registered www.montsame.mn

The Financial Regulatory Commission has registered the first green bond in Mongolia. The Financial Regulatory Commission (FRC) emphasizes that this is the first "Green Bond" assessed by the international organization Sustainable Fitch as meeting the principles of green bonds.
Khan Bank plans to issue the green bond without collateral in accordance with its credit rating calculated by an international credit rating agency and to implement a major mid-term goal of intensively increasing its green financing portfolio to finance environmentally friendly activities.
In 2021 FRC approved a new procedure for issuing green bonds, which play a significant role in the development of green financing in the country. In May 2020 FRC signed a Memorandum of Understanding with the International Finance Corporation (IFC), a member organization of the World Bank Group to solve the environmental problems facing Mongolia by increasing green financing.
According to the Memorandum IFC supported the development of procedures to regulate relations regarding issuance of green bonds and its registration in conformity with internationally recognized principles. The FRC supported and cooperated in including the regulations related to this relation in the newly approved "Procedure on Registration of Company's Debt Instruments." The establishment of this arrangement will be a step to support the development of the domestic "Green Bond" market for financing environmentally friendly and green projects in Mongolia.
At the international level, green bonds are widely used to attract investments required to reduce the negative effects of climate change, increase energy efficiency, and solve waste problems.
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