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BCM DECEMBER 2021 MONTHLY MEETING RECAP
The BCM’s December 2021 Monthly Meeting was held on 9 December 2021 at the Shangri-La on the topic “COP26 Implications on Business and Investment,” with BCM Chairman Ts.Tumentsogt hosting for an audience of around 80 people. In his opening remarks, Chairman Tumentsogt emphasized the importance of COP26 and the goal of keeping global temperature rise below 2 degrees Celsius, before inviting UK Ambassador Philip Malone to give the audience a summary of COP26’s various agreements, figures, and goals.
UK Ambassador to Mongolia Philip Malone briefs the audience on COP26's highlights.
As the host nation of COP26, it was befitting that the UK Ambassador to Mongolia began the meeting with a rundown of what happened at the meeting in Glasgow. The ambition of keeping temperature rise below 1.5C is alive, “but its pulse is weak,” stated the Ambassador. However, if every country adheres to its climate pledges, it is possible, he said. The Glasgow Climate Pact is to be delivered across the world in four key areas: mitigation, adaptation, finance, and collaboration.
Nations whose economies comprise 90% of global GDP have made commitments on achieving net-zero carbon emissions. COP26 nations also agreed on the necessity of phasing out coal power, and all major coal-financing nations have committed to ending international coal finance by the end of this year. Other commitments include halting and reversing deforestation, making electric vehicles the new norm, and reductions on methane emissions.
One vital aspect in achieving climate goals is financing. Over the coming years and decades, trillions of dollars globally will be mobilized and realigned to facilitate the green transition. Governments, IFIs, central banks, and private financial institutions will dedicate massive sums of money for the purpose of achieving net-zero emissions. Climate financing accessibility is a key issue for developing countries.
COP26 also finalized The Paris Rulebook after six years of discussions. This landmark accord settles the transparency process which will hold countries accountable. A key part of this is Article 6, which establishes the framework for countries to exchange carbon credits through the UNFCCC.
After Ambassador Malone’s briefing of COP26 outcomes, an Ambassadors’ Roundtable was held, with BCM Vice Chairman B.Byambasaikhan serving as moderator. On the panel were (from left to right):
- H.E. Ms. Regina Rutenberg, Chargé d'Affaires of Germany to Mongolia
- H.E. Ms. Axelle Nicaise, Ambassador and the Head of the European Delegation to Mongolia
- H.E. Ms. Catherine Ivkoff, Ambassador Extraordinary and Plenipotentiary of Canada to Mongolia
- H.E. Mr. Philip Malone, Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Mongolia
- H.E. Mr. Sebastien Surun Ambassador Extraordinary and Plenipotentiary of the French Republic to Mongolia
- Mr. Gregory May, Deputy Chief of Mission U.S. Embassy to Mongolia
Each Ambassador reiterated their country’s commitments to addressing climate change and introduced to the audience some of the major initiatives being implemented domestically, internationally, and bilaterally with Mongolia.
For example, as Mongolia’s biggest investor, one priority area Canada is focusing on in Mongolia is sustainable mining, through such initiatives as Towards Sustainable Mining (TSM), a globally recognized sustainability program.
The EU’s green bonds could help Mongolian textile businesses, such as the cashmere sector, find funding that will let investors know it is going towards sustainable projects. “Anything that is green, we are for,” said EU Ambassador Axelle Nicaise.
One sentiment conveyed by the Ambassadors was the need to improve on things such as rule of law, due process, and stability. These are things that must be adhered to in order to attract investment.
After the first panel, 12 new members of the BCM were recognized with membership certificates:
After a short coffee break, the meeting continued with a presentation on “COP26 and Market Incentives” by Dr. Z.Batjargal, Special Envoy of Mongolia on Climate Change, National Focal Point of Mongolia for the UNFCCC. Click here to view the presentation (Mongolian).
Finally, a second panel discussion was held on the topic “How will emerging markets benefit from new carbon trading rules?”
Moderated by M.Bold (left-most), on the panel were (from second-from-left to right):
- Dr. Z.Batjargal, Special Envoy of Mongolia on Climate change, National Focal Point of Mongolia for the UNFCCC
- Mr. E. Munkhbayasgalan, Deputy Director and Chief Engineer, Everyday Farm LLC, Monnaran 10MW Solar Power Plant
- Mr. Randolph Koppa, Executive Vice Chairman at Trade and Development Bank
- Mr. E.Orchlon, Vice Chair of the Business Council of Mongolia
- Mr. Irmuun Demberel, Advisor to the Prime Minister on Economic and Investment Policy
The panel discussed subjects such as Article 6 of the Paris Rulebook; turning documents and agreements into implementation; how companies can utilize carbon trading; the economics of new energy projects; and much more.
A brief Q&A was held before the meeting was adjourned.
Summaries of points and sentiments by speakers and panelists can be found from the Editor's notes in the links below.
Links:
- Editor's notes (English)
- Presentation by Dr. Z.Batjargal: "COP26 and Market Incentives" (Mongolia)
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