Ulaanbaatar
Transition to Green Economy via National Consensus
Environment
Ulaanbaatar, July 10, 2023 /MONTSAME/. The panel discussion of the
Mongolia Economic Forum-2023 continued today on the topic "Green
development-green financing."
At the panel discussion, it
was underlined that the carbon market is the source of green financing and the
main instrument to ensure green development. Specifically, they discussed the
clarification of the market's law, investment, and institutional changes in
this area, as well as the creation of a national consensus on green development
and financing.
This is not only a problem of the Ministry of Environment and Tourism. This is about the creation of a national consensus involving all sectors, the Government and the public. B. Davaadalai, Economic Policy Adviser to the President of Mongolia, emphasized that this is how our country will move towards green economy and green development at the "Green Development-Green Financing" panel discussion." International organizations have recommended that Mongolia have a new climate law.
Mongolia is one of the few
countries in the world that first adopted the "Green Taxonomy" to
express the classification, definition and criteria of environmentally friendly
business and financial activities. Banks, financial institutions, investors and
policy makers use it to identify green loans, and green investment projects and
programs. The Green Taxonomy is not limited to any particular industry, but a
criterion that applies to all business sectors.
Carbon credit is a type of
tool that a country can use to reduce greenhouse gas emissions and fulfill its
obligations under the Paris Agreement.
