Today a group of conservation partners, facilitated by The Nature Conservancy and the Government of Mongolia, announces the establishment of the Mongolian Nature’s Legacy Foundation.
As announced by the Minister of Environment and Tourism during the Mongolia Economic Forum in July 2023, the Mongolian Nature’s Legacy Foundation is the independent conservation trust fund established to administer donor funds committed to the Eternal Mongolia Project Finance for Permanence (PFP) initiative, due to be signed next month.
This is an essential step in establishing the conditions for the Eternal Mongolia PFP and has been led to completion by the Ministry of Environment and Tourism with the support of The Nature Conservancy.
“As a fully Independent Conservation trust fund, Mongolian Nature’s Legacy Foundation gives funders and communities the confidence that PFP resources will be managed effectively and help us achieve our national conservation goals”, says Uranchimeg Tserendorj, Director of Natural Resources Policy and Coordination Department at the Ministry of Environment and Tourism, and Board Director of the foundation.
Mongolian Nature’s Legacy Foundation was incorporated in March 2024 and its initial Board was installed. It is chaired by Mr.Boldoo Magvan, the CEO of the Mongolian Green Finance Corporation, with a multi-stakeholder Board of Directors.
“Mongolian Nature’s Legacy Foundation is based on an internationally-proven and transparent blended financing model, which effectively combines public, private, and development funds. It will accelerate progress towards sustainable development, and we are glad to establish the foundation to invest in conservation priorities and strengthen green development initiatives in Mongolia” says Mr.Boldoo Magvan, Board chair of the foundation.
As defined within the Foundation's bylaws, the Board of Directors will have between 7 and 11 Directors; being two appointed by the Government of Mongolia and one by TNC. The other directors are local individuals selected for their experience and competencies and will include: a finance expert, a private sector person, a biodiversity/ climate specialist, a representative of community-based organizations, a person from international cooperation agencies working in Mongolia, a person from an environmental/ sustainable development NGO, and two additional persons selected by the Board for their leadership.
The proposed structure follows international best practices on conservation trust funds, and the experience accumulated by The Nature Conservancy over the years having helped the establishment of other CTFs.
“One of the greatest challenges in the Mongolian conservation sector is the lack of funding opportunities. Therefore, the foundation will fill this financial gap to provide resources to a varied range of grantees investing in biodiversity conservation and sustainable development for government agencies, conservation NGOs, community–based organizations, international NGOs, and academia” says Galbadrakh Davaa, Country director of TNC Mongolia and a Board Director of the foundation.
A detailed Environmental and Social Management Framework and System will guide the Foundation's grantmaking activities to ensure that any negative environmental and social impacts deriving from the PFP sub-projects are avoided, reduced, and compensated, appropriate mitigation measures are developed, and benefits for local communities are maximized.
Today a group of conservation partners, facilitated by The Nature Conservancy and the Government of Mongolia, announces the establishment of the Mongolian Nature’s Legacy Foundation.
As announced by the Minister of Environment and Tourism during the Mongolia Economic Forum in July 2023, the Mongolian Nature’s Legacy Foundation is the independent conservation trust fund established to administer donor funds committed to the Eternal Mongolia Project Finance for Permanence (PFP) initiative, due to be signed next month.
This is an essential step in establishing the conditions for the Eternal Mongolia PFP and has been led to completion by the Ministry of Environment and Tourism with the support of The Nature Conservancy.
“As a fully Independent Conservation trust fund, Mongolian Nature’s Legacy Foundation gives funders and communities the confidence that PFP resources will be managed effectively and help us achieve our national conservation goals”, says Uranchimeg Tserendorj, Director of Natural Resources Policy and Coordination Department at the Ministry of Environment and Tourism, and Board Director of the foundation.
Mongolian Nature’s Legacy Foundation was incorporated in March 2024 and its initial Board was installed. It is chaired by Mr.Boldoo Magvan, the CEO of the Mongolian Green Finance Corporation, with a multi-stakeholder Board of Directors.
“Mongolian Nature’s Legacy Foundation is based on an internationally-proven and transparent blended financing model, which effectively combines public, private, and development funds. It will accelerate progress towards sustainable development, and we are glad to establish the foundation to invest in conservation priorities and strengthen green development initiatives in Mongolia” says Mr.Boldoo Magvan, Board chair of the foundation.
As defined within the Foundation's bylaws, the Board of Directors will have between 7 and 11 Directors; being two appointed by the Government of Mongolia and one by TNC. The other directors are local individuals selected for their experience and competencies and will include: a finance expert, a private sector person, a biodiversity/ climate specialist, a representative of community-based organizations, a person from international cooperation agencies working in Mongolia, a person from an environmental/ sustainable development NGO, and two additional persons selected by the Board for their leadership.
The proposed structure follows international best practices on conservation trust funds, and the experience accumulated by The Nature Conservancy over the years having helped the establishment of other CTFs.
“One of the greatest challenges in the Mongolian conservation sector is the lack of funding opportunities. Therefore, the foundation will fill this financial gap to provide resources to a varied range of grantees investing in biodiversity conservation and sustainable development for government agencies, conservation NGOs, community–based organizations, international NGOs, and academia” says Galbadrakh Davaa, Country director of TNC Mongolia and a Board Director of the foundation.
A detailed Environmental and Social Management Framework and System will guide the Foundation's grantmaking activities to ensure that any negative environmental and social impacts deriving from the PFP sub-projects are avoided, reduced, and compensated, appropriate mitigation measures are developed, and benefits for local communities are maximized.