The Green Climate Fund (GCF), a globally renowned institution, held its 25th Board Meeting from March 10-12, 2020, in Geneva, Switzerland. During this meeting, the decision to accredit the Trade and Development Bank (TDB) as an official entity of the GCF was approved.
The GCF was established in 2010 as part of a collective agreement among the 194 member countries of the United Nations Framework Convention on Climate Change (UNFCCC). It is the world’s largest climate fund, dedicated to supporting developing countries in reducing greenhouse gas emissions and adapting to climate change through financial assistance.
Since 2012, TDB has been implementing the “Environmental and Social Risk Management System” (ESRMS) in partnership with the Netherlands Development Finance Company (FMO). The bank has been recognized for its leadership in sustainable finance, earning titles such as “Best Sustainable Finance Bank” in 2016, 2017, and 2019, and “Leader in Sustainable Finance” in 2018.
With its accreditation by the GCF, TDB will play a critical role in financing national projects and programs aimed at mitigating and adapting to climate change, marking a significant milestone in its contribution to Mongolia’s sustainable development efforts.