Workshop on Operationalizing Mongolia’s SDG Finance Taxonomy Held in Ulaanbaatar

Under the “Readiness Support for Greening the Central Bank” project, funded by the NDC Partnership, the Bank of Mongolia, in partnership with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), hosted a workshop today to support the effective implementation of Mongolia’s Sustainable Development Goals (SDG) Finance Taxonomy.

The workshop brought together representatives from key departments of the central bank and Mongolia’s commercial banks to explore pathways for regulatory integration, enhanced supervisory practices, and market readiness for taxonomy-aligned finance.

Mongolia has made notable progress in advancing sustainable finance since the launch of its Green Taxonomy in 2019. With the transition toward a broader and more inclusive SDG Finance Taxonomy now underway, the workshop focused on embedding this framework into national regulatory and supervisory systems to align financial flows with sustainable development priorities.

The event featured a series of technical sessions that presented the findings of a joint ESCAP–Bank of Mongolia discussion paper, and covered topics such as taxonomy design and policy role, implementation challenges, monitoring and verification (MRV) systems, and operational recommendations.

“Institutional readiness and regulatory integration are essential to the success of the taxonomy. This workshop provides a timely platform to align our supervision and disclosure frameworks with international sustainable finance standards,” said Ms. Evshinkhorloo Lkhagva, Head of the Banking Policy Division at the Bank of Mongolia, during her opening remarks.

Participants engaged in in-depth dialogue on the practical challenges faced by financial institutions and discussed regulatory barriers and capacity-building needs. Feedback from the banks highlighted the importance of clear guidance, harmonized reporting standards, and strong supervisory engagement to ensure consistency and reduce greenwashing risks.

The workshop marks a significant step toward operationalizing the SDG Finance Taxonomy and reaffirms the joint commitment of the Bank of Mongolia and ESCAP to building a credible, transparent, and internationally aligned sustainable finance ecosystem in Mongolia.