XacBank partners with the Renewable Energy Forum
XacBank sponsored and collaborated with the “Renewable Energy Forum”, which was successfully organized under the auspices of the Prime Minister of Mongolia at the Corporate Convention Center on 5th of May, 2017.
Organized annually since 2008, the forum aims to improve the renewable energy sector’s policy planning, and project quality through discussion of topical issues.
The forum had a larger scale of participants and audiences this year comprising more than 500 participants from the private and public sectors; including special guest her Excellency Mme. Elisabeth Barsacq, Ambassador of France to Mongolia.
During the forum G. Tuul, director of the Eco Banking Department at XacBank, delivered a presentation on the topics of green financing, including XacBank loan programs for sustainable energy and energy efficiency, international cooperation, and sectoral risks.
XacBank is uniquely positioned amongst its competitors to speak on such topics. As a way of embracing the triple bottom line philosophy of the bank: People, Planet, Prosperity, XacBank created the very first and only Eco Banking Department in Mongolia’s financial sector in 2009. As of now, XacBank has disbursed over 1 billion MNT in sustainable energy loans, 13.5 billion MNT for reducing air pollution, and 25.7 billion MNT for the support of efficient energy products. Also, the department has sold over 173,852 eco products on the market, which reduced greenhouse gas emissions by 1.4 million tons through lowering familys’ coal usage in gers by 30-46%
In addition, XacBank became the first private entity to receive accreditation from the Green Climate Fund (GCF) in the developing world. Through this accreditation, it is now possible for XacBank to fund projects aimed to mitigate greenhouse gas emissions and to adapt to the impacts of climate change. With this goal ahead, the Eco Banking Department is working in close partnership with the Ministry of Environment and Tourism and GCF National Coordinator.
