Financial weapon against air pollution

Mongolian Economy

2017-03-09 16:07 GMT+8

A Green Loan Fund that is to play a major role in combatting air pollution is ready to start operations, informed the Mongolian Bankers' Association (MBA). Created to be an investment fund that will also have a significant impact on the development of financial markets, the project is a combined effort by the MBA, private sector and other professionals.

The next step is to present proposals and projects to policymakers such as the government, Ministry of Environment, Green Development and Tourism and the Ulaanbaatar city administration for approval. The first on the list is a proposal to develop a new public-private joint green financial system, which the MBA hopes receives immediate support.

A plan was developed within the framework of the Green Loan Fund to attract low-interest financing, eliminate several thousand smoke-emitting chimneys and exhausts and finance electric heaters through loans before the next smoke season, winter. Though the air pollution issue cannot be resolved in a single step, it is certainly possible to take measures such as introducing electric heaters, reducing the number of smoke emitters. Other solutions include power saving, renewable energy and bringing low-cost external financial sources.

Stable and continuous funding is necessary for the fight against air pollution. Large amounts of uncontrolled money will continue to flow out if there is no good system. Experts highlighted that the project's governance is exemplary as its policy was developed under public and financial monitoring is managed by experts.

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