2 March 2023, Ulaanbaatar
The European Bank for Reconstruction and Development (EBRD) and it’s Green Economy Financing Facility (GEFF) in Mongolia presented and discussed the findings of the 2022 Gender & Climate Finance study conducted in Mongolia at the National Stakeholders’ Event on Opening up Access to Climate finance for Women in Mongolia on 2 March in Ulaanbaatar.
The study, which uses both qualitative and quantitative methods, puts forward recommendations on how to overcome existing supply and demand barriers, such as collateral requirements and the perception of women being risky borrowers, by building capacity within the financial sector and among businesses. The study informs about the different needs of women and men in the face of climate change and raises awareness of the benefits of green technologies and gender gaps in accessing climate finance, suggesting targeted support and gender-responsive marketing strategies.
Three-panel discussions were organized during the event, including study participants and stakeholders, a panel focusing on the policy environment, and commercial banks the private sector representatives. The panelists shared their thoughts on the implementation of the recommendations.
“The study has found that women, who in comparison with men, are more informed and more concerned about climate change and its effects, hence are more inclined and willing to introduce green technologies, experience barriers to access climate finance,” commented Nomin Lkhagvasuren, the Gender and Marketing Expert of GEFF Mongolia, who presented the findings at the meeting attended by businesses, bankers, gender experts and representatives of the Mongolian government and international organisations.
“This assessment has brought to light certain practices within the Mongolian commercial banking sector that disproportionately hinder women’s access to green loans. As a bank that champions women in business, we are keen to implement the recommendations outlined in the assessment to promote gender equality in access to green loans. By doing so, we can help pave the way towards a more equitable and sustainable future for Mongolia,” says B. Suvd, the Green Finance Senior Manager of Khan Bank, currently one of the two GEFF partner banks.
“Women present an untapped market potential especially when it comes to the green transition,” says Louisa Barzen, EBRD, Gender & Economic Inclusion. “It is essential to unlock this potential as businesses increasingly experience the effects of climate change, especially in Mongolia.”
The National Stakeholders’ Event on Opening up Access to Climate Finance for Women in Mongolia presented an opportunity to network and discuss the way forward for gender-responsive climate finance in Mongolia.
EBRD, supported by the Green Climate Fund and the Japan-EBRD Cooperation Fund, is allocating at least 92 million USD in climate finance in Mongolia, through GEFF.
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