Description
CTIF seeks to promote the integration of environmental, social, and governance (ESG) standards into Mongolia’s financial and business community. This will be done in collaboration with the Mongolian Sustainable Finance Association (MFSA) members and listed companies focusing on women entrepreneurs.
The technical assistance includes the development of an ESG/Sustainability Performance Self-Assessment Tool, an online ESG Dashboard and Benchmarking Tool, ESG Resource Tools, and a capacity-building program on ESG with a study tour to examine best practices. The project will conclude with a policy roundtable on ESG to disseminate the knowledge and tools developed to stakeholders from the private and public sectors.
The MFSA, known locally as TOC, was founded by local banks and the Mongolian Bankers Association in December 2017 as a member-serving NGO, building on the success of the Mongolian Sustainable Finance Initiative, which started in 2013. The MFSA supports its government’s efforts to transition toward a sustainable financial system, covering the areas of sustainable finance, green finance, sustainable industry development, research, education and networking, and international collaboration.
Problem being addressed by CTIF
From a business and investment perspective, this technical assistance will contribute to creating a more favourable business ecosystem that promotes sustainable development and responsible business practices. The assistance also addresses MFSA members’ expressed desire to adopt sustainable business practices and the need for standardized tools, guidelines, technical assistance support, and information exchange opportunities to introduce ESG standards in their operations.
From a policy perspective, CTIF will contribute towards the realization of Mongolia’s National Sustainable Finance Roadmap. This Roadmap is a core government policy document that provides an integrated, multistakeholder, strategic approach towards accelerating the development of a sustainable financial system in the country by 2030 in alignment with the country’s sustainable development and climate targets.
Development Dimension
CTIF, through this initiative, promotes sustainability and green growth by creating a sustainable business ecosystem and assisting Mongolia’s finance and business sectors to adopt activities that benefit the environment and society. CTIF’s emphasis on prioritizing the participation of women entrepreneurs in its capacity-building activities also supports women’s economic empowerment and women pioneers and leaders in promoting ESG standards and investing.