Many countries across the globe are facing the consequences of climate change, which could impact every sector of their economies. Developing countries are particularly vulnerable to climate change risks due to a lack of financial resources. Climate change can pose significant risks to the banking and financial system, making it essential to measure its impact and manage risks effectively. The Bank of Mongolia (BoM) aims to introduce sustainable financing principles, identify, and assess climate change risks, and strengthen the financial system's resilience.
ESCAP is working with BoM, with financing support from the NDC Partnerships, to increase BoM's understanding of climate risks and their impact on the country's economic, financial, and monetary policies. ESCAP is conducting research to assess climate risks and their potential impact on the financial system by engaging with financial sector participants, evaluating their perceptions of risks, and identifying key challenges.
This Stakeholder Consultation Workshop aims to present:
- An overview of BoM greening of Mongolia's banking system objectives and ESCAP’s role
- Initial validation of the results and analysis of the key stakeholder interviews conducted with the financial sector participants. The workshop also aims to gather stakeholder feedback and comments while understanding potential gaps and challenges and exploring opportunities.