Sustainable Finance Week 2023 was held in Ulaanbataar, Mongolia from 13 to 16 June in celebration of the tenth anniversary of the Mongolian Sustainable Finance Initiative, a globally recognized example of public-private partnership to scale up sustainable finance. The event was hosted by the Office of the President of Mongolia in partnership with the Mongolian Sustainable Finance Association, Sustainable Banking and Finance Network (SBFN), International Finance Corporation (IFC), Institute of Finance and Sustainability (IFS), and Trade and Development Bank of Mongolia (TDBM). With over 30 countries and regions represented, the international forum drew more than 800 participants, including SBFN members, sustainable finance practitioners, global investors, academia and thought leaders.

Incentives and an enabling policy environment; private sector leadership and innovation; and public-private partnerships to drive transformative and measurable change, emerged as three main themes during the week-long event, underscoring the interconnected roles of financial institutions and the public and private sectors. The critical role of policymakers and market supervisors, especially central banks and capital markets regulators, was observed.

The examples shared by panelists from various countries showcased how policymakers can steer markets to address negative externalities, reduce the costs of low-carbon technologies, and incentivize private capital for sustainable development. While the private sector possesses the capacity for innovation and progress, structured guidance, supervision, and capacity building were noted as necessary to ensure comprehensive and transformative progress aligned with market needs.

A training workshop on the recently launched SBFN Toolkit on Developing Sustainable Finance Roadmaps was held. Case studies presented from Georgia and Sri Lanka illustrated how sustainable finance roadmaps are emerging as powerful frameworks for policy and market alignment, as well as the integration of sustainability principles into financial systems. The program also featured a dedicated session delivered by IFC focusing on taxonomy development and climate risk management.

“I am truly inspired by the examples of collective efforts towards a green and SDG-aligned future showcased during the Sustainable Finance Week,” said Rong Zhang, SBFN Global Coordinator. “Mongolia stands as a shining example of what can be achieved when financial institutions and the private and public sector work hand in hand towards a common goal,” she said.

“Mongolia is a perfect example of public-private partnerships with market leadership by the banking sector and financial institutions together with very strong policy support from the highest level including the President, the government, and financial regulators,” she said. “We were honored that the event was hosted by His Excellency Khurelsukh Ukhnaa, President of the Mongolian People’s Republic. We congratulate SBFN members- Central Bank of Mongolia and Mongolian Sustainable Finance Association for their invaluable contributions in making the event a resounding success.”

SBFN was founded in 2012 by IFC as a platform for policymakers with Central Bank of Mongolia as one of the 10 founding members. Today SBFN brings together 80 institutions from 63 countries and has become the leading knowledge and capacity building platform for financial sector policymakers in the emerging markets.