Tserenbat Namsrai, Minister of Environment and Tourism and Chair of the National Climate Change Committee for Mongolia, said “The agreement is part of the Government’s support towards the implementation of the Paris Agreement, as embodied in our updated Nationally Determined Contribution announced today. By exempting GCF resources from national taxation, the agreement ensures that more resources will be channeled directly to project beneficiaries.”

Mongolia’s updated NDC raises the Government’s ambition in terms of targets and scale for both mitigation and adaptation to climate change, including by increasing the priority sectors for action. The Government sees GCF as a key partner in helping achieve the ambitious new goals.

GCF Executive Director Yannick Glemarec said, “Mongolia is one of our most active country partners, with four national projects totaling USD 183.65 million in GCF financing, in addition to three multi-country projects. The granting of Privileges and Immunities is highly important for the effective operationalisation of the Fund’s investments and activities.”

Pursuant to a decision by the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), governments recommended that Parties to the UNFCCC enter bilateral agreements with GCF by promptly providing Privileges and Immunities, which are in line with those of other international organisations, including the UN system. To date, GCF has signed agreements with 23 countries, including Mongolia.