The Mongolian Sustainable Finance Association (MSFA) is a member serving NGO with a purpose to green the financing system by promoting sustainability and green growth in its member financial institutions and businesses. The Association work closely with the members and partners to design integrated and transformative policies, business approaches, and multi-sector initiatives that create positive change in line with the Sustainable Development Goals, the Paris Agreement, as well as Mongolia’s Sustainable Development Vision, Nationally Determined Contributions, and Green Development Policy. Golomt Bank sits on the Board and is an active member of the Association.

UNEP FI work with the banking community through the UN Principles for Responsible Banking to accelerate a positive global transition for people and the planet. With over 330 signatory banks representing over half of the global banking industry, the principles, banks take action to align their core strategy, decision-making, lending and investment with the UN Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. Golomt Bank is one of the founding members of the principles and is a sole member representing Mongolia.

PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach for assessing and disclosing financed emission. Golomt Bank has become the member of PCAF in February 2023, and has been utilizing the methods to compute financed emission across our portfolio.

SBTi is a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI), and the World-Wide Fund for Nature (WWF), which defines and promotes best practice in emissions reductions and net zero goals in line with climate science. SBTi also provides independent verification of goals. Golomt Bank has utilized the tools and the methodology provided by SBTi to identify our mid- and long-term targets in line with climate science.

Commitment to Climate Action was adopted by some signatories to the Principles for Responsible Banking (PRB) as an additional climate commitment when it was launched in September 2019, thereby fast-tracking PRB commitment to align business strategy with the temperature goals of the Paris Agreement.

Golomt Bank was a signatory to CCCA, which was retired in 2023 as the initiative has met its objectives to accelerate the setting of Paris Agreement aligned targets for the banking sector.