Climate financing in Mongolia
In May, 2017, Mongolian commercial bank “Xacbank” received 500’000 dollars’ grant from Green Climate Fund. It was the first phase of GCF’s 20 million dollar contribution to reduce carbon emission rates in Mongolia. Mongolia’s capital Ulaanbaatar is one of the world's most polluted cities, mainly because of coal-fired power plants, and coal-fueled stoves and boilers which are used to heat homes in this world's coldest national capital. Even though the pollutants in the air is estimated to be 8 times the world standard, Government of Mongolia is too busy dealing with the financial crisis to take actions against it. GCF’s grant could bring major positive changes as it would kick start the biggest climate program with 60 million USD budget. Only 0.07 percent of the national budget goes to the Ministry of Environment and Green Development. Thus, climate projects are in serious need of financing, and that 500’000 USD might have come in just the right time.
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Ulaanbaatar
