Summary

The Business Council of Mongolia (BCM), in collaboration with the Ministry of Environment and Climate Change, hosted the "Post-COP Business and Investment Opportunities" event on 30 January 2024 to foster dialogue between government representatives, private sector, and international community on climate policies, green financing, and carbon market developments. The event featured prominent domestic and international speakers, emphasizing Mongolia’s commitment to achieving its climate goals through collaboration and investment.

In here keynote address, S. Odontuya, Minister of Environment and Climate Change, emphasized the urgent need for increased investment and strengthened public sector capacity to combat climate change. In November 2024, an International Investment Advisory Panel was established under the Minister of Environment and Climate Change. The Minister underscored the importance of policy stability to attract both domestic and international investors. Conversations also focused on Mongolia’s ongoing carbon market negotiations and the crucial role of private sector engagement in sustainable development. The government cannot do it alone, she added.

BCM Chair Ts. Tumentsogt highlighted the private sector’s proactive contributions toward Mongolia’s Nationally Determined Contributions (NDCs). He emphasized the ongoing collaboration between BCM and the Ministry of Environment and Climate Change, particularly in preparation for Mongolia’s upcoming role as the host of the COP17 Conference on Desertification.

POLICY INCENTIVES AND CARBON MARKET DEVELOPMENTS

B. Chuluunkhuu, Advisor to the Minister of Environment and Climate Change, delivered a presentation on policy incentives to enhance climate cooperation. Stressing the urgency of action, she referenced the Doomsday Clock’s position at 89 seconds to midnight as a stark reminder of the climate crisis. Chuluunkhuu introduced two key mechanisms designed to support Mongolia’s transition to sustainability:

• Carbon Market Platform – A trust-based collaboration system aimed at facilitating Mongolia’s carbon trading initiatives.
• Public-Private Co-Founded Entity – A strategic financing institution designed to mobilize funds and assist businesses in their transition toward sustainable operations.

She referred to Denmark’s "State of Green" initiative as a successful model Mongolia could emulate to ensure an effective public-private partnership for climate action.

PANEL DISCUSSION ON INTERNATIONAL INVESTMENT POST-COP29
 

A high-level panel discussion, moderated by B. Javkhlan, Advisor to the President of Mongolia in Charge of Project Coordination and Civil Society Policy, provided an international perspective on climate investment trends following COP29. Diplomats and financial experts shared their insights on green finance, sustainability initiatives, and cross-border cooperation.

On the panel were:

• H.E. Katie Smith, Ambassador of Australia to Mongolia
• H.E. Ina Marciulionyte, Ambassador of the European Union to Mongolia
• H.E. Piccarreta Giovanna, Ambassador of the Italian Republic to Mongolia
• H.E. N. Chimguundari, Ambassador-at-Large, Ministry of Foreign Affairs
  (Director of the Preparatory Office for COP17 UNCCD)

EU Ambassador to Mongolia, H.E. Ina Marciulionyte, highlighted the European Union’s extensive commitment to climate finance. At COP29, the EU took a leading role in ensuring parties agreed to USD 1.3 trillion investment planned through 2035, as well as USD 300 billion for developing countries’ climate action. She noted the EU’s ongoing support for Mongolia’s green finance sector, particularly through organizations such as the EBRD.

H.E. Piccarreta Giovanna, Italian Ambassador to Mongolia, outlined Italy’s increased climate financing, which now stands at EUR 1.4 billion per year with a dedicated EU 4.4 billion climate fund. Italy’s engagement in Mongolia includes a key partnership between its national bank and Khan Bank to drive Mongolia’s green transition. Additionally, Italy remains Mongolia’s second-largest importer of sustainable cashmere, supporting responsible sourcing initiatives.

H.E. Katie Smith, Australian Ambassador to Mongolia, shared Australia’s ambitious climate policies, including a 43% reduction in emissions by 2030 and a target to generate 82% of its electricity from renewable sources. Australia has committed $40 billion to renewable energy infrastructure and leads the world in solar energy adoption, with one in three Australian households equipped with rooftop solar panels. The ambassador emphasized Mongolia’s opportunity to learn from Australia’s expertise in critical minerals processing and green energy development.

Ambassador-at-Large N. Chinguundari of Mongolia’s Ministry of Foreign Affairs highlighted the country’s efforts in land degradation neutrality and reforestation, with initiatives such as the "One Billion Trees" program. She also announced that Mongolia will host COP17 in 2026, marking a significant milestone in its global environmental leadership.

The first panel of the day concluded with a dynamic Q&A session addressing pressing topics such as climate finance accessibility for young entrepreneurs and Mongolia’s potential role in nuclear energy. Notably, only 0.7% of global climate finance is currently accessible to youth. Additionally, speakers discussed Mongolia’s recent nuclear energy cooperation agreement with France and the broader global perspectives on nuclear power.

As Mongolia prepares to host COP17 and advances its green finance initiatives, events like this reinforce the country’s commitment to sustainability, investment, and international collaboration in the fight against climate change.

INTERSECTION BETWEEN ENVIRONMENTAL RISK AND BUSINESS OPPORTUNITIES

A presentation by E. Nomindari, CEO of the Mongolian Nature’s Legacy Foundation, addressed the growing intersection between nature-related risks and business opportunities. She underscored the critical state of natural resources, emphasizing that humanity currently consumes resources at a rate equivalent to 1.75 Earths. She highlighted key global commitments under the Convention on Biological Diversity, including the restoration of 30% of degraded ecosystems and the conservation of 30% of land and marine areas. She stressed the importance of businesses assessing, disclosing, and mitigating their biodiversity-related risks while also identifying opportunities in sustainable business models.

She further noted that, according to the World Economic Forum’s Global Risks Report 2025, half of the top ten global risks in the coming decade are environmental. The evolving regulatory landscape, influenced by ISSB standards, is pushing businesses to disclose sustainability-related risks over the short, medium, and long term. While some Mongolian Stock Exchange-listed companies have begun voluntarily publishing ESG reports, upcoming regulations will soon mandate all Tier-1 listed companies to submit ESG reports.

PANEL DISCUSSION: “MONGOLIA: A GOOD DESTINATION FOR INVESTMENT”

Moderated by Ts. Tumentsogt, Chair of the BCM, on the panel were:

• B. Baatarmunkh, CEO of Newcom Group
• P. Batkhishig, Special Envoy for Climate Change of Mongolia
• M. Bold, CEO of Mongolian Green Finance Corporation
• E. Orchlon, Founder and CEO of URECA LLC

Panelists explored Mongolia’s climate policies, green investment potential, and the necessity of long-term policy stability to attract foreign capital. Batkhishig highlighted Mongolia’s commitment under the Paris Agreement, including its pledge to reduce emissions by 22.7% by 2030. Meanwhile, Baatarmunkh emphasized the importance of government-private sector cooperation in renewable energy, pointing to policy stability as a crucial factor for investor confidence.

Discussions also touched on innovative green financing mechanisms, with Bold outlining the Mongolian Green Finance Corporation’s efforts to provide $50 million in startup funding for CO2 reduction initiatives, particularly energy-efficient housing solutions in Ulaanbaatar’s ger districts. Orchlon detailed URECA’s work in the carbon credit market, explaining how technology-driven solutions can measure and verify carbon reductions in households, allowing Mongolia to participate in global carbon offset markets.

Audience engagement during the session raised critical questions about how NGOs and civil society can effectively influence government policy on air pollution and climate action. Panelists agreed that stronger coordination among civil organizations, as well as clearer, quantifiable targets, would help advance Mongolia’s green transition.

The event concluded with a strong emphasis on the need for unified efforts between the government, private sector, and civil society to advance Mongolia’s sustainability goals. With COP17 on the horizon and increasing global interest in green investments, Mongolia stands at a pivotal moment in shaping its environmental and economic future.

New members to the BCM:

• Mongol Television LLC
• International Medical Center LLC
• Millennium Challenge Account

Links:

1. Editor's notes
2. "Policy Instruments in Accelerating Climate Actions" - presentation by B. Chuluunkhuu, Advisor to the Minister of Environment and Climate Change
3. "Nature-related risks and opportunities for businesses" - presentation by E. Nomindari, CEO of the Mongolian Nature's Legacy Foundation